NEW YORK, Nov. 11, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Swift Energy Co. ("Swift Energy" or the "Company") (NYSE: SFY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether SFY 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 statement 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 $0.16 per share, or more than 2.48%, to $6.29 per share on intraday trading on November 11, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, 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 70 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
SOURCE Pomerantz LLP