San Diego, CA -- (ReleaseWire) -- 04/23/2012 -- An investor in shares of Delta Petroleum Corp. (PINK:DPTRQ) filed a lawsuit in the U.S. District Court for the District of Colorado against certain directors and officers of Delta Petroleum Corp. over alleged violations of Federal Securities Laws in connection with certain financial statements prior to the bankruptcy.
Investors who purchased shares of Delta Petroleum Corp. (PINK:DPTRQ) between November 9, 2010 and November 9, 2011, have certain options and there are strict and short deadlines running. Deadline: June 18, 2012. Stockholders of Delta Petroleum Corp. (PINK:DPTRQ) should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Delta Petroleum, Inc. (PINK:DPTRQ) publicly traded securities during the period between November 9, 2010 and November 9, 2011, that certain of Delta’s officers and directors violated the Securities Exchange Act of 1934. Specifically the plaintiff claims that between November 9, 2010 and November 9, 2011, defendants issued allegedly materially false and misleading statements regarding Delta Petroleum’s business and financial results and as a result of defendants’ statements, Delta Petroleum’s stock traded at artificially inflated reaching a high of $11.70 per share on February 28, 2011.
Delta Petroleum Corp. reported that its annual Revenue fell from $194.94million in 2007, respectively $242.26million in 2008, to $146.81million in 2010. However it reported that its Net Loss decreased from $428.96million in 2008, respectively $328.78million in 2009 to $182.33million in 2010.
On November 9, 2011, Delta announced is third quarter 2011 financial results. The Company reported a net loss of ($429.4) million, or ($15.40) diluted earnings per share, for the quarter ended September 30, 2011.
Delta stock fell $1.34 per share to close at $0.71 per share on November 10, 2011, a one-day decline of 65% on volume of nearly 4.5 million shares.
Shortly after that Delta Petroleum Corp filed for bankruptcy protection on December 16, 2011.
PINK:DPTRQ shares closed on April 20, 2012 at $0.34 per share.
Those who purchased shares of Delta Petroleum Corp. (PINK: DPTRQ) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego