NEW YORK, Nov. 25, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Berry Corporation ("Berry" or the "Company") (NASDAQ: BRY) (i) in connection with the Initial Public Offering ("IPO") on July 26, 2018; and/or (ii) from July 26, 2018 through November 3, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of Texas alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The complaint alleges that the Offering Documents, and, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Berry had materially overstated its operational efficiency and stability; (2) Berry's operational inefficiency and instability would foreseeably necessitate operational improvements that would disrupt the Company's productivity and increase costs; (3) the foregoing would foreseeably negatively impact the Company's revenues; and (4) as a result, the Offering Documents and the Company's public statements were materially false and/or misleading and failed to state information required to be stated therein.
On November 3, 2020, post-market, Berry reported its financial and operating results for the third quarter of 2020. Among other results, Berry reported non-GAAP EPS and revenue that both fell short of estimates. In addition, Berry reported that during the quarter, "the Company undertook certain operational improvements that caused temporary reductions in our production. Notably we performed some plugging and abandonment activity that resulted in temporary shut-in of nearby wells. Additionally, improved steam management reduced overall costs but temporarily increased water disposal and well maintenance needs, resulting in a slight decrease in production."
On this news, Berry's stock price fell $0.15 per share, or 5.28%, to close at $2.69 per share on November 4, 2020, representing an 80.78% decline from the IPO price.
If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.