JENKINTOWN, Pa.–Dec. 2, 2005- LAWFUEL – The Law News Network -Law firm Ann D. White Law Offices, P.C., announces that it has been retained to commence a Class Action in the United States District Court for the Western District of Louisiana, on behalf of a class of persons who purchased the securities of Stone Energy Corp. (NYSE:SGY) (“Stone” or the “Company”) between March 4, 2002 and October 6, 2005, inclusive (the “Class Period”).
If you are a member of this class and wish to view a copy of the complaint and join this suit, please contact us at [email protected] or toll-free at 866-389-0274. If you are a member of the class, you may move the Court, through counsel of your choice, no later than January 30, 2006 to serve as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may serve together as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. You may retain Ann D. White Law Offices, P.C. or other counsel of your choice. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Stone made false and misleading statements regarding its financial performance. On October 6, 2005 Stone announced, among other things, its intention to take a significant reserve write-down of its “proven” oil reserves of $161 million — a 20% decline. As a result, Stone’s stock price fell $7.93 to $48.14. On November 8, 2005, Stone announced its intention to restate its financial statements for 2001 through 2004 and for the first two quarters of 2005. The Company launched an internal investigation into its reserve practices and admits that it overstated its oil reserves.
Our firm’s attorneys have considerable experience in securities, antitrust, consumer rights and other commercial litigation.
If you have any questions about the lawsuit or how to participate and recover your losses, please call or e-mail Ann D. White, Mandy Roth or Ronald Lopit.
Ann D. White Law Offices, P.C.
Ann D. White, 1-866-389-0274