The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Gas Natural Inc. (GNI) (NYSE MKT: EGAS).
GNI engages in the distribution and sale of natural gas to residential, commercial, and industrial customers. Regulatory agencies in various states conduct annual reviews of GNI’s utility operations.
On November 15, 2013, GNI announced that the Public Utilities Commission of Ohio (PUCO) had issued a 65-page Opinion and Order (PUCO Order), related to gas cost recovery cases involving two of GNI’s operating subsidiaries, Northeast Ohio Natural Gas Corp. (NEO) and Orwell Natural Gas Company (Orwell).
On November 19, 2013, GNI filed a Form 10-Q announcing its financial results for the quarter ended September 30, 2013. The Form 10-Q disclosed that the PUCO Order, among other things, recommended an investigative and forensic audit of NEO, Orwell and all affiliated and related companies and their internal management controls by an outside auditor.
On November 22, 2013, Seeking Alpha published an article alleging that the PUCO Order “raises some serious questions about the quality of management, effectiveness of internal controls, and the preponderance of related party transactions.”
Upon the above news, EGAS shares declined nearly 10% from a close of $9.23/share on November 22, 2013, to a close of $8.34/share on November 25, 2013.
Persons with relevant information, and EGAS shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.
Additional information, including a copy of the PUCO Order, is available on our website at:
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