NEW YORK, Sept. 14, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Suncor Energy Inc. ("Suncor" or the "Company") (NYSE: SU). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Suncor and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 16, 2020, Suncor reported that the Company had experienced a fire at the secondary extraction facilities of its Base Plant mine. Then, on September 7, 2020, Suncor issued a press release "provid[ing an] operational and 2020 guidance update." In the press release, Suncor disclosed that while "initial repairs can allow the mine to operate at full rates, production has been restricted to manage bitumen quality into the upgraders" and that the Company expected to "achieve full mining rates of approximately 300,000 bbls/d by the middle of the fourth quarter, as bitumen treatment facilities return to full operation."
On this news, Suncor's stock price fell $1.53 per share, or 9.86%, to close at $13.99 per share on September 8, 2020.
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.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP