LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ultra Petroleum Corp. (“Ultra” or “the Company”) (OTC: UPLCQ) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ultra overstated its proven reserves by hundreds of millions of dollars’ in value. In fact, the Company’s proven reserves had little value because of their low-quality deposits. The Company failed to meet its production and development estimates. The Company’s business was much less flexible than it claimed, which resulted in an inability to withstand even a minor downturn in the market. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Ultra, investors suffered damages.
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