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Case Status:    SETTLED
On or around 09/22/2016 (Date of order of distribution of settlement)

Filing Date: April 18, 2012

According to the complaint filed on April 18, 2012, Delta is an independent oil and gas company engaged primarily in the exploration for, and the acquisition, development, production, and sale of, natural gas and crude oil. Its core area of operations is the Rocky Mountain region, in which its proved reserves and production are located.

During the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, Delta stock traded at artificially inflated prices during the Class Period, reaching a high of $11.70 per share on February 28, 2011.

On November 9, 2011, Delta announced is third quarter 2011 financial results. The Company reported a net loss of ($429.4) million, or ($15.40) diluted earnings per share (“EPS”), for the quarter ended September 30, 2011. The significant loss was due mostly to costs associated with drilling dry holes. The Company additionally provided an update on its strategic alternatives process, advising that the Company had not received any offers to purchase the Company or its assets. As a result, Delta would be forced to restructure its indebtedness. Delta further warned investors that should it be unsuccessful in achieving a transaction or transactions addressing the Company’s liquidity, it would be forced to seek protection under Chapter 11 of the U.S. Bankruptcy Code.

On this news, Delta stock collapsed $1.34 per share to close at $0.71 per share on November 10, 2011, a one-day decline of 65% on volume of nearly 4.5 million shares.

On October 23, 2012, the Court issued an Order consolidating cases, appointing lead plaintiff, and approving the selection of lead counsel.

On January 7, 2013, the lead plaintiff filed a Consolidated Complaint. The next day, the plaintiff filed a corrected version of the complaint.

On September 30, 2013, the Court issued an Order granting the Defendants' motion to dismiss. Final Judgment was entered the next day. Plaintiffs filed a Notice of Appeal of this Order on February 19, 2014. On April 7, 2015, the Court of Appeals issued an Opinion affirming in part and reversing in part the judgment of the District court. This case was remanded for further proceedings.

Lead Plaintiff filed an Amended Complaint on July 17, 2015.

On September 18, 2015, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on November 3. On June 13, 2016, the Court granted final approval of the Settlement and dismissed this case.


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


Ticker Symbol: DPTR
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: D. Colorado
DOCKET #: 12-CV-01038
DATE FILED: 04/18/2012
CLASS PERIOD END: 11/09/2011
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 12-CV-01038
DATE FILED: 07/17/2015
CLASS PERIOD END: 11/09/2011
  1. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
No Document Title Filing Date
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