GRABAR LAW OFFICE INVESTIGATES CLAIMS AGAINST OFFICERS AND DIRECTORS OF BERRY CORPORATION (NASDAQ: BRY)
Grabar Law Office is investigating potential claims against the officers and directors of Berry Corporation on behalf of current stockholders.
On September 13, 2022, a Federal Judge in the Northern District of Texas determined that plaintiffs adequately pled false statements and omissions by Berry and its officers and directors in a securities fraud matter.
A copy of the order can be viewed here: Berry Corp mtd denied op 10(b)
As alleged in that complaint, Berry Corporation went public pursuant to an IPO on July 26, 2018. The Registration Statement that Defendants used to sell shares in the IPO, however, was materially false and misleading in two important respects: (1) it contained misleading statements about the potential risk of permitting delays and the inability to drill oil in identified sites when these risks had either already occurred or had a high risk of occurring in the near future, and (2) it omitted to disclose chronic internal deficiencies—which existed well before the Company went public—that prevented the Company from obtaining certain permits, the disclosure of which was mandated by SEC Regulation S-K. Several months before the Company went public, the Company had already experienced severe delays in securing permits that threatened production, and a Strengths, Weaknesses, Opportunities and Threats (“SWOT”) analysis to the highest level of management, identified that the Company’s repeated failure to secure timely permits was a major threat to its business.
Moreover, after the Company went public, between August 2018 and August 2020, Defendant Smith, the Company’s Chief Executive Officer (“CEO”), Defendant Baetz, the Company’s Chief Financial Officer (“CFO”), and Defendant Grove, the Company’s Chief Operating Officer (“COO”), made materially false and misleading statements on nearly a dozen occasions, assuring investors that the ability to secure permits was a non-issue at the Company.
If you are Berry Corporation shareholder, you may be able seek corporate reforms, the return of funds expended defending litigation back to company coffers, and potentially a court approved incentive award if appropriate.
If you would like to learn more about this matter at no cost to you, contact us at firstname.lastname@example.org or call 267-507-6085.