NEW YORK, Nov. 11, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Swift Energy Co. ("Swift Energy" or the "Company") (NYSE: SFY -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation concerns whether Swift Energy and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On November 11, 2014, the Company announced in a press release that "as a result of an error in the model used to determine historical ceiling test write-downs by including the tax effect of asset retirement obligations, it will restate financial results contained in its 2013 Form 10-K Annual Report and 2014 Form 10-Q quarterly reports, as applicable, filed for periods ended December 31, 2013, March 31, 2014, and June 30, 2014.
The Company concluded that its previously announced preliminary unaudited financial data for the period ended September 30, 2014 contained in its November 6, 2014 press release should not be relied upon. Additionally, the Company's previously issued annual audited financial statements for the years ended December 31, 2013, 2012 and 2011, and its unaudited financial statements for the periods ended March 31, 2014 and 2013, and ended June 30, 2014 and 2013 should no longer be relied upon and these financial statements will be restated on a timely basis."
On this news, shares of Swift Energy fell $.27 per share, or 4.19% during intraday trading to trade at $6.18 per share on November 11, 2014.
If you are aware of any facts relating to this investigation, or purchased shares of Swift Energy, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC