If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
The Complaint charges Quest Energy and its parent company, Quest Resource, among others, with violations of federal securities laws. Quest Resource is engaged in the exploration, development, production and transportation of natural gas. Quest Energy is the gas and oil production operation arm of Quest Resource and engages in the acquisition, exploitation and development of oil and natural gas properties. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Quest Resource and Quest Energy's business and operations were materially false and misleading. Specifically, the Complaint alleges that defendants failed to disclose the related party transactions, which existed at the time of Quest Energy's IPO, between Quest Energy and Rockport Energy -- an entity controlled by Quest Energy's chief executive officer -- in violation of Generally Accepted Accounting Principles and SEC regulations. These failures by defendants caused Quest Resource's disclosures on related party transactions to be materially incomplete and false.
On August 25, 2008, the Company announced, among other things, the resignation of its CEO, Jerry Cash, the formation of a Joint Special Committee to conduct an investigation of improper transfers of Company funds by Cash to Rockport Energy, and an inquiry launched by the Oklahoma Department of Securities in connection with the improper transfers.
This announcement shocked the market and caused the Company's stock to fall $2.05 per share, or nearly 30%, to $4.88 per share on August 25, 2008.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than November 4, 2008, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to email@example.com.