Gulfport Energy Corporation (NASDAQ: GPOR) Investor Securities Class Action Lawsuit 03/17/2020

If you purchased a significant amount of shares of Gulfport Energy Corporation (NASDAQ: GPOR) between May 3, 2019, and February 27, 2020, and / or if you purchased any NASDAQ: GPOR shares prior to May 2019 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 18, 2020. NASDAQ: GPOR investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Gulfport Energy
Case Name: 
Gulfport Energy Shareholder Class Action Lawsuit 03/17/2020
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: GPOR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/17/2020
Class Period Begin: 
05/03/2019
Class Period End: 
02/27/2020
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
05/18/2020
Summary: 

An investor in shares of Gulfport Energy Corporation (NASDAQ: GPOR) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Gulfport Energy Corporation in connection with certain allegedly false and misleading statements made between May 3, 2019, and February 27, 2020.

Oklahoma City, OK based Gulfport Energy Corporation engages in the exploration, development, acquisition, and production of natural gas, crude oil, and natural gas liquids (NGL) in the United States. Gulfport Energy Corporation reported that its annual Total Revenue declined from over $1.35 billion in 2018 to over $1.34 billion in 2019 and that its Net Income of $430.56 million declined to a Net Loss of over $2 billion in 2019.

On February 27, 2020, Gulfport Energy Corporation disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.”
Gulfport Energy Corporation further advised investors that “the Company has reassessed its conclusions regarding its disclosure controls and procedures as of September 30, 2019 in light of the misstatements,” and, “[a]s a result, the Company has determined that a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective.”

Shares of Gulfport Energy Corporation (NASDAQ: GPOR) declined from $33.00 per share in 2016 to as low as $0.35 per share on March 12, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Gulfport Energy Corporation (NASDAQ: GPOR) common shares between May 3, 2019, and February 27, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 3, 2019, and February 27, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that a material weakness existed in Gulfport’s internal control over financial reporting, that accordingly, Gulfport’s disclosure controls and procedures were ineffective, that as a result, Gulfport’s financial statements contained multiple misstatements, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.