Case Page

 

Case Status:    SETTLED
On or around 11/01/2011 (Other)

Filing Date: September 05, 2008

According to a law firm press release dated September 5, 2008, a class action complaint has been filed against the company and certain current and former officers and directors. The Complaint alleges violations of Section 11 and Section 15 of the Securities Act of 1933, including allegations of material misrepresentations and
omissions in Quest's Registration Statement and Prospectus issued in connection with the Initial Public Offering ("IPO") on November 7, 2007. The class period begins with the IPO on November 7, 2007 and continues through August 25, 2008.

Quest Energy and certain of its officers and a controlling entity are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the Company's IPO, in violation of the Securities Act of 1933. In particular, despite raising $150 million in its IPO, Quest Energy failed to properly disclose related
party transactions between its former CEO and an entity he controlled. On August 25, 2008 Quest Energy announced the resignation of CEO Jerry Cash after the Oklahoma Department of Securities' inquiry concerning, among other issues, questionable transfers of Quest Energy funds to an entity Mr. Cash controlled. The Company announced the creation of a special committee to conduct an internal
investigation. After these announcements, the price of Quest Energy shares has fallen dramatically.

On December 29, 2008, an Order of Consolidation was entered by the court consolidating all parallel actions.

On September 24, 2009, an order granting lead plaintiff and lead counsel was entered by the court.

On November 3, 2009, the Court held a status conference in this matter. At the status conference, the Court granted lead plaintiffs’ unopposed request to file separate consolidated amended complaints. Accordingly, the Court ORDERS that all pleadings and filings for the Quest Energy Class be filed under Friedman v. Quest Energy Partners, LP, et al., case no. CIV-08-936-M and all pleadings and filings for the Quest Resource Class be filed under Jents v. Quest Resource Corporation, et al., case no. CIV-08-968-M.

On Novemeber 10, 2009, a Consolidated Complaint against Quest Energy Partners LP was filed by the Lead Plaintiff Groups in this action.

On August 13, 2010, pursuant to an Order of the United States District Court for the Western District of Oklahoma, a preliminary approval of settlement was found to be fair, reasonable and adequate.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Non-Metallic Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: QRCP
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Oklahoma
DOCKET #: 08-CV-00936
JUDGE: Hon. Vicki Miles-LaGrange
DATE FILED: 09/05/2008
CLASS PERIOD START: 11/07/2007
CLASS PERIOD END: 08/25/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  2. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: W.D. Oklahoma
DOCKET #: 08-CV-00936
JUDGE: Hon. Vicki Miles-LaGrange
DATE FILED: 11/10/2009
CLASS PERIOD START: 11/07/2007
CLASS PERIOD END: 08/24/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
No Document Title Filing Date