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Ultra Petroleum Corp.

Company NameUltra Petroleum Corp.
Stock SymbolUPLCQ
Class PeriodApril 13, 2017 to August 08, 2019
Lead Plaintiff Motion DeadlineNovember 02, 2020

On August 9, 2019, Ultra disclosed total revenues for second quarter 2019 of $155.4 million, an 18% decline year-over-year. The Company also revealed that its vaunted horizontal well program had been effectively halted and lowered its 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's stock price fell 31% to close at $0.09 per share. On August 22, 2019, NASDAQ formally delisted Ultra stock.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Ultra's proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (2) Ultra's proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (3) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (4) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra's business had less financial and production flexibility than claimed; (5) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount.; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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