NEW YORK, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Ultra Petroleum Corporation (“Ultra Petroleum” or the “Company”) (OTCMKTS: UPLCQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Ultra Petroleum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 9, 2019, Ultra Petroleum issued a press release announcing its second-quarter 2019 financial and operating results. The Company disclosed that total revenues for the quarter had decreased by 18% to $155.4 million, compared to $190.1 million during the second quarter of 2018. Ultra Petroleum’s press release advised investors that the Company’s once-vaunted horizontal well program had been effectively halted and also lowered the Company’s 2019 projected capital investments to a range of $260 million to $290 million and annual production to a range of 3239 to 244 billion cubic feet equivalent.
On this news, Ultra Petroleum’s stock price fell 31% to close at $0.09 per share on an unusually high volume of nearly 14 million shares traded. On August 22, 2019, NASDAQ formally delisted Ultra Petroleum stock.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
