Forest Oil Corporation (NYSE:FST) Investor Investigation Over Potential Securities Laws Violations

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Company Name(s): 
Forest Oil
Affected Securities: 

February 28, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Forest Oil Corporation (NYSE:FST) shares over potential securities laws violations by Forest Oil and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Forest Oil Corporation (NYSE:FST) concerning whether a series of statements by Forest Oil Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On February 20, 2013, Forest Oil Corporation announced its fourth quarter and year-end 2012 results.
Forest Oil Corporation reported that its Total Revenue declined from $704.56 million in 2011 to $605.66 million in 2012 and that its Net Income of $137.02 million in 2011 turned into a Net Loss of over $1.38 billion in 2012.

Shares of Forest Oil Corporation (NYSE:FST) declined from $7.22 per share in January 2013 to $4.08 per share in June 2013.

According to the investigation on October 3, 2013, Forest Oil Corporation announced that its credit risk dropped to the lowest point in more than two years due to its $1 billion sale of oil and natural gas assets and that in stark contrast, and without warning, after the market's close on February 25, 2014, Forest Oil Corporation disclosed disappointing fourth quarter 2013 earnings results.

Shares of Forest Oil Corporation (NYSE:FST) closed on February 28, 2013, at $2.01 per share.