Case Page

 

Case Status:    DISMISSED    
On or around 12/04/2014 (Other)

Filing Date: June 20, 2012

According to the complaint, Lone Pine is an independent oil and gas exploration, development, and production company, which is incorporated in Delaware and trades on the NYSE. Lone Pine operates primarily in Canada within the provinces of Alberta, British Columbia, and Quebec and the Northwest Territories, focusing on the Western Canadian Sedimentary Basin, which includes its Narraway/Ojay and Wild River fields in the Deep Basin and the Evi area in the Peace River Arch.

The complaint alleges that in the IPO dated May 26, 2011, 15,000,000 shares of the Company's common stock were sold for $13.00 per share or total proceeds of $195 million. In the week prior to the IPO, however, a major pipeline disruption and forest fire had materially slowed the production of oil from one of the Company's major oil fields. These material facts were not disclosed in the Registration Statement and Prospectus in violation of the Securities Act causing Plaintiff and other similarly situated investors to be damaged.

On November 16, 2012, the Court issued an Order consolidating related cases, appointing lead plaintiff, and approving the selection of lead counsel. On January 11, 2013, the lead plaintiff filed their Consolidated Amended Complaint.

On March 27, 2014, the Court issued an Order granting Defendants' Motion to Dismiss. Judgment was entered closing this case. On April 28, the Plaintiff filed a Notice appealing this decision to the Court of Appeals. This Appeal was subsequently withdrawn on December 4.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: LPR
Company Market: New York SE
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: S.D. New York
DOCKET #: 12-CV-04839
JUDGE: Hon. George B. Daniels
DATE FILED: 06/20/2012
CLASS PERIOD START: 05/26/2011
CLASS PERIOD END: 06/20/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky LLP
    One Penn Plaza, Suite 2805, Abraham, Fruchter & Twersky LLP, NY 10119
    (212) 279-5050 (212) 279-3655 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 12-CV-04839
JUDGE: Hon. George B. Daniels
DATE FILED: 01/11/2013
CLASS PERIOD START: 05/26/2011
CLASS PERIOD END: 06/20/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard LLP (New York)
    10 East 40th Street, 22nd Floor, Bernstein Liebhard LLP (New York), NY 10016
    212.779.1414 212.779.1414 ·
No Document Title Filing Date