Alta Mesa Resources, Inc.
|Company Name||Alta Mesa Resources, Inc.|
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.
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