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 This Appeal was subsequently withdrawn on December 4.