Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into VAALCO Energy, Inc. (NYSE: EGY).
On March 13, 2017, post-market, VAALCO revealed in its 2016 fiscal year Annual Report that it had identified a material weakness “related to the execution of the control for the physical observation of equipment which is performed annually to validate its existence.”
VAALCO further disclosed that “management determined that the effectiveness and timeliness of the performance of controls related to the review of financial reports, the review of account reconciliations and the evaluation and reporting of significant and unusual transactions was not adequate to ensure that the material weakness in internal control identified in 2015 had been fully remediated.”
KSF’s investigation is focusing on whether VAALCO’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of VAALCO shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com).