Berry Corporation (NasdaqGS: BRY)
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 Berry Corporation (NasdaqGS: BRY).
In November 2020, the Company reported its financial results for 3Q 2020, disclosing that its non-GAAP EPS and revenue both fell short of estimates citing “certain operational improvements that caused temporary reductions in our production.” Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Specifically, the complaint alleged that the Company had materially overstated its operational efficiency and stability, that operational inefficiency and instability would require improvements that would disrupt its productivity and increase costs, which would negatively impact its revenues.
Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward.
KSF’s investigation is focusing on whether Berry’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 Berry 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 (firstname.lastname@example.org), or fill out the form on this page.