Blaming Rosy Reserve Estimates, Investors Sue FX

Law360 (December 6, 2007, 12:00 AM EST) -- FX Energy Inc. has incurred the wrath of shareholders, who have filed a lawsuit accusing the oil exploration company of failing to disclose what they call shoddy reserve estimations and shaky finances.

The putative class action suit that investor Terry Muller filed Tuesday in the U.S. District Court for the District of Utah names not only FX but also its chief executive David Pierce, chief operating officer Andrew Pierce, chief financial officer Clay Newton, board chairman and executive vice president Thomas Lovejoy and chief technical advisor...
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