NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Berry Corporation (NasdaqGS: BRY).
On June 29, 2018, the Company filed its Registration Statement for its initial public offering, which, was declared effective by the SEC on July 25, 2018. On or around July 26, 2018, Berry conducted the IPO, upon which the Company began trading on the NASDAQ Global Select market (“NASDAQ”), issuing 13 million shares of Berry common stock at $14 per share, generating over $138 million in proceeds before expenses. Then, in November 2020, the Company reported its financial and operating results for 3Q 2020, disclosing that its non-GAAP EPS and revenue both fell short of estimates citing “certain operational improvements that caused temporary reductions in our production.”
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Specifically, the complaint alleged that the Company had materially overstated its operational efficiency and stability, that operational inefficiency and instability would require improvements that would disrupt its productivity and increase costs, which would negatively impact its revenues.
The court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward. Recently, a motion to certify the class was filed.
KSF’s investigation is focusing on whether Berry’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Berry shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-bry/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner