NEW YORK, July 28, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Petroteq Energy Inc. ("Petroteq" or the "Company") (OTCMKTS: PQEFF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Petroteq and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 16, 2021, post-market, Petroteq issued a press release entitled "Petroteq Announces Expected Late Filing of Financial Statements and Application for Management Cease Trade Order; Cautions Against Reliance on Certain Previously-Issued Financial Statements". The press release disclosed, among other things, that certain previously-issued financial statements for periods in 2018 through 2021 should no longer be relied upon; that the Company intends to file restatements for the periods at issue; and that "[t]he Company will be unable to file its quarterly report on Form 10-Q (and related certifications) for the period ended May 31, 2021 . . . until it has completed the planned restatements . . . , which is anticipated to take several weeks—well beyond the extended filing deadline of July 20, 2021."
On this news, Petroteq's stock price fell sharply during intraday trading on July 19, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.