Prospera Energy Inc. press release

Grabar Law Office Investigates Berry Corporation (BRY) After Shareholder Class Action Survives Motion to Dismiss and Mediation Is Ordered

2022-11-21

TSXV - TSX Venture Exchange · Oil · Natural Gas · Canada · Legal Matters

Philadelphia, Pennsylvania--(Newsfile Corp. - November 21, 2022) - A Federal Judge has ruled that a securities fraud complaint brought by Berry shareholders will survive a motion to dismiss and has ordered mediation.

The complaint alleges that the Registration Statement that defendants used to sell shares in the IPO 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 that prevented the Company from obtaining certain permits, the disclosure of which was mandated by SEC.

Moreover, after the Company went public, between August 2018 and August 2020, Berry executives 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.

Current long-term holders of Berry Corporation can seek corporate reforms, the return of company funds spent defending litigation, and potentially a court approved incentive award if appropriate.

If you would like to learn more about this matter at no cost to you, you are encouraged to visit https://grabarlaw.com/the-latest/berry-corp-shareholder-investigation/, contact us at jgrabar@grabarlaw.comor call 267-507-6085.

Attorney Advertising Disclaimer

These materials have been prepared by the Grabar Law Office for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results referred to in these materials do not guarantee or suggest a similar result in other matters.

Contact: Joshua H. Grabar, Esq. Grabar Law Office One Liberty Place 1650 Market Street, Suite 3600 Philadelphia, PA 19103 Tel: 267-507-6085 Email: jgrabar@grabarlaw.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145039