Pacific Coast Oil Trust ("PCOT" or the Company) is a Delaware statutory trust formed by Pacific Coast Energy Company LP ("PCEC") to own interests in oil and gas properties in California.

According to the Complaint, on May 2, 2012, Defendants caused to be filed a Form S-1MEF with the SEC in which they announced their Offering of 18.5 million trust units at $20 per share.

The Complaint alleges that the Registration Statement made false and misleading statements concerning the Company's (1) capital expenditures and (2) hedge contracts expiration. In addition, in violation of Item 303 of Regulation S-K, under the applicable SEC rules and regulations, Defendants failed to disclose material facts concerning these issues.

On September 18, 2013, PCOT announced its Secondary Offering in which PCEC and other selling unitholders (including certain Board representatives) offered an aggregate of 13.5 million trust units. The Secondary Registration Statement made false and misleading statements concerning the Company's (1) capital expenditures and (2) hedge contracts expiration. In addition, under the applicable SEC rules and regulations, in violation of Item 303 of Regulation S-K, Defendants failed to disclose material facts concerning these issues.

On September 24, 2013, five days after the Secondary Offering, the Company announced its October 2013 cash distribution, in which it significantly lowered its monthly distribution due to increased capital expenditures and lower average realized oil prices. As the extent of these problems became public, the price of PCOT trust units declined dramatically.

On September 16, 2014, the Court issued an Order remanding this action back to state court.