Bankrupt Oil Co. Gives Preferred-Share Action The Slip
Law360, New York (December 20, 2016, 5:00 PM EST) -- A Manhattan federal judge dismissed a class action lawsuit against New Source Energy Partners LP and underwriters over the company's $40 million 2015 preferred-share offering Monday, finding that the bankrupt oil and gas portfolio's risk-disclosures were “precise” and “exhaustive” and did not run afoul of the securities laws.
The ruling by U.S. District Judge Kimba M. Wood gave investor-plaintiffs including Enrico Vaccaro leave to amend their claims, initially lodged in November 2015. But she held the company, which filed for bankruptcy in March, properly disclosed the existence of costly litigation and also was clear about the volatile nature of its business....
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