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Case Status:    ONGOING    
On or around 01/18/2016 (Ongoing date of last review)

Filing Date: December 07, 2011

According to a complaint filed on December 7, 2011, the Defendants violated federal securities laws in connection with a proposed plan to take the Company’s various partnerships private.

Over a period of several years, the Company formed numerous limited partnerships to raise funds to finance the acquisition and development of oil and gas properties, and attracted thousands of investors who paid hundreds of millions of dollars for their limited partnership interests. The plaintiff states that after raising these funds from investors the Company decided to acquire all of the partnerships' assets for itself and to do so at inadequately low prices. To that end, the Company conceived and implemented a common scheme and plan to take all of the partnerships private by the end of 2012, by means of virtually identical proxy statements accomplished through a single entity, its wholly-owned subsidiary and acquire all of the assets and the interests of the limited partners through cash out merger transactions.

The Company prepared and issued proxy statements to the limited partners. Those proxy statements, the plaintiffs claim, contained materially false and misleading statements and omitted to state material facts relating to the value of the assets of the Partnerships and the units held by the limited partners. The proxy materials portrayed the value of the partnerships' units to be, under most measures, less than what would be paid to limited partners upon consummation of the mergers.

On March 19, 2012, the Court issued an order appointing Lead Plaintiffs and Class Counsel.

On June 15, 2012, the Court issued an In Chambers Order denying defendants' motion to dismiss and motion for stay.

On August 31, 2012, the Plaintiffs filed their amended complaint.

On January 6, 2014, the Court granted the Plaintiffs' Motion to Certify Class.

On May 19, 2014, the Court issued an Order granting in part and denying in part Defendant's Motion for Summary Judgment. The Court also denied Defendants' Decertification Motion.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PETD
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: C.D. California
DOCKET #: 11-CV-01891
JUDGE: Hon.Andrew J. Guilford
DATE FILED: 12/07/2011
CLASS PERIOD START: 11/16/2011
CLASS PERIOD END: 12/07/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Susman Godfrey L.L.P. (Houston)
    1000 Louisiana, Suite 5100, Susman Godfrey L.L.P. (Houston), TX 77002
    713.651.9366 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 11-CV-01891
JUDGE: Hon.Andrew J. Guilford
DATE FILED: 08/31/2012
CLASS PERIOD START: 11/16/2011
CLASS PERIOD END: 12/07/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Foley Bezek Behle & Curtis L.L.P.
    15 West Carrillo Street, Foley Bezek Behle & Curtis L.L.P., CA
    805.962.9495 805.962.9495 ·
  2. Good Wildman Hegness & Walley
    5000 Campus Drive, Good Wildman Hegness & Walley, CA 92660
    949.955.1100 949.955.1100 ·
  3. Susman Godfrey L.L.P. (Houston)
    1000 Louisiana, Suite 5100, Susman Godfrey L.L.P. (Houston), TX 77002
    713.651.9366 ·
No Document Title Filing Date