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Abraham, Fruchter & Twersky, LLP (“AF&T”) announces that it is representing a shareholder who filed a class action lawsuit against Lone Pine Resources, Inc. (“Lone Pine” or the “Company”) alleging claims arising under the Securities Act of 1933 (the “Securities Act”) that the Company, its directors and underwriters issued false and misleading offering materials in connection with Lone Pine’s May 26, 2011 initial public offering (“IPO”). Specifically, the complaint alleges that defendants failed to inform investors that prior to the IPO the Company was experiencing significantly increased costs and disruption in oil production volumes as a result of a pipe line rupture and a large forest fire.
The lawsuit was originally filed in New York State court but was subsequently removed to the United States District Court for the Southern District of New York (the “Court”), where the case is currently captioned
Augenbaum v. Lone Pine Resources, Inc., et al., No. 12 Civ. 4839 (GBD). The plaintiff intends to move the Court to remand (
i.e., send back) the case to state court. In the event the action is not remanded to state court, any person wishing to serve as lead plaintiff must move the Court no later than 60 days from the date of the notice published with respect to this lawsuit.
ALTHOUGH OTHER LAW FIRMS HAVE PUBLISHED NOTICES REGARDING THIS CASE, THE ONLY CASE WHICH HAS BEEN FILED IS THE ONE IN WHICH AF&T REPRESENTS THE PLAINTIFF.
AF&T has extensive experience in shareholder and securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Jeffrey S. Abraham or Philip T. Taylor at (212) 279-5050 or (800) 440-8986, or via e-mail at
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