Alta Mesa Resources, Inc.
|Company Name||Alta Mesa Resources, Inc.|
|Class Period||March 24, 2017 to February 25, 2019|
|Lead Plaintiff Motion Deadline||April 01, 2019|
On February 25, 2019, the Company announced that it “had an ineffective internal control over financial reporting due to an identified material weakness in both the design of its controls and the execution of its control procedures.” The Company further disclosed that “Alta Mesa Resources expects to record material, non-cash asset impairment charges” of approximately $3.1 billion.
On this news, Alta Mesa’s share price fell fell approximately $0.58, or nearly 64%, to close at $0.33 per share on February 26, 2019, thereby injuring investors.
The complaint alleges that throughout the Class Period, Defendants made false/misleading statements and/or failed to disclose that: (1) that Alta Mesa and Kingfisher did not possess “superior quality” and “[w]orld [c]lass” assets as compared to other operators in the oil and gas industry; (2) that Alta Mesa faced significant operational setbacks; (3) that several major oil producers had steered assets away from production in the region in which Alta Mesa operates; and (4) Kingfisher and Alta Mesa were not on track to achieve the earnings and production estimates provided in the Proxy and Defendants had no reasonable basis to believe and did not believe that Kingfisher and Alta Mesa would achieve these estimates.
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