Harwood Feffer LLP Announces Investigation of Lone Pine Resources Inc.
NEW YORK, July 11, 2012 /PRNewswire/ – Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Lone Pine Resources Inc. (“Lone Pine” or the “Company”) (NYSE: LPR), concerning whether the board has breached its fiduciary duties to shareholders.
Lone Pine is an oil and gas exploration company operating primarily in Canada. The Company went public on May 26, 2011 when it sold 15 million shares at $13.00 each. The Company’s Registration Statement and Prospectus identified numerous potential risk factors to Lone Pine’s business, such as pipeline disruptions, adverse weather conditions and fires. However, the Prospectus failed to disclose that Lone Pine had already experienced, and was still being damaged by, several of these adverse events, including a pipeline rupture in April 2011 and a large forest fire in early May 2011.
In August 2011, when the Company announced its second quarter 2011 financial results, it finally disclosed the pipeline disruption and resulting financial damage to the Company. Investors reacted negatively and the Company’s share price declined nearly 30% in one week to close at $9.21 on August 11, 2011. Lone Pine stock has since dropped even further below the IPO price, and is currently trading at approximately $2.32 per share.
Our investigation concerns whether the Lone Pine board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Lone Pine shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq.
Matthew M. Houston, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP