According to the Complaint, Zion Oil & Gas Inc ("Zion" or the "Company") operates as an oil and gas exploration company in Israel. Zion currently holds one active petroleum exploration license in Israel, the Megiddo-Jezreel License, comprising approximately 99,000 acres.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zion was either already or was likely to soon become the subject of an SEC investigation; and (ii) as a result, Zion’ public statements were materially false and misleading at all relevant times.

On November 16, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Plaintiffs filed an amended Complaint on January 22, 2019. On January 31, Plaintiffs filed a corrected amended Complaint. Defendants filed a Motion to Dismiss the corrected amended Complaint on March 13. On March 3, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On March 30, Lead Plaintiffs voluntarily dismissed the case.