Ultra is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: (a) Ultra’s proved reserves were materially overstated and, therefore, worth hundreds of millions of dollars less than represented; (b) Ultra’s proved undeveloped reserves were of de minimis value because they contained low quality deposits that lacked a commercially viable path to development; (c) Ultra was unable to meet the production and development estimates provided to investors and such estimates lacked a reasonable basis; (d) Ultra was unable to withstand even a modest downturn in the price of natural gas because, inter alia, Ultra’s business had less financial and production flexibility than claimed; and (e) Ultra did not have the technical or financial capabilities or available asset base to sustainably grow its oil and natural gas production by any meaningful amount.
If you incurred a loss on UPLCQ stocks purchased between April 3, 2017 and August 8, 2019, this lawsuit is on your behalf. The lawsuit was filed in the the United States District Court for the District of Colorado, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until November 2, 2020 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
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