Aug. 14, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities violations at Lone Pine Resources, Inc. ("
" or the "Company") (NYSE: LPR).
The investigation focuses on whether
and its executives violated federal securities laws by filing a false and misleading registration statement and prospectus in connection with the Company's
May 26, 2011
initial public offering (the "IPO"). Specifically, on
May 26, 2011
sold 15,000,000 shares of the Company's common stock at
per share for total proceeds of
August 2, 2011
disclosed that its financial results for the second quarter of 2011 were "negatively affected by a sales pipeline disruption in the Evi area in late April  that required volumes to be trucked to market" and that the "Evi area was impacted by a large forest fire in Mid-May ." Neither the April Evi pipeline disruption nor the mid-May fire were disclosed in the registration statement or prospectus in connection with the IPO. As a result of this news, the Company's stock plummeted over the next several days and closed at
per share on
August 11, 2011
, a decline of approximately 30% on high trading volume.
August 14, 2012
Lone Pine's share price declined by 37% after the Company released a very disappointing Form 8-K. The Form 8-K revealed that "
's adjusted EBITDA earnings for the second quarter of 2012 of
was 18% lower than the corresponding 2011 period and adjusted discretionary cash flow for the second quarter of 2012 of
was 40% lower than the corresponding 2011 period. The decrease in each of these amounts was primarily attributable to declines in natural gas sales volumes combined with the significant decrease in natural gas and crude oil realized prices in the period." Further, "Net loss for the second quarter of 2012 was impacted by the non-cash effect of a ceiling test write-down of
before tax (
Request more information now by clicking here:
If you purchased
securities in connection with the Company's
May 26, 2011
IPO and would like to discuss your legal rights, visit
. You can also contact us by calling
toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
. Faruqi & Faruqi, LLP also encourages anyone with information regarding
's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
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Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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