Shareholder Investigation of Ithaca Energy Inc.
TORONTO--(BUSINESS WIRE)--Morganti Legal, a cross-border law firm that represents investors is investigating whether Ithaca Energy Inc (TSX and LSE AIM: “IAE”, CUSIP: 465676 and RNS No. 8462B) made negligent statements about its investment quality between May 9, 2014 and February 24, 2015.
On May 9, 2014, Ithaca Energy announced it retained Petrofac Limited to expedite the remaining construction and commissioning works on the FPF-1 floating production facility. Thereon after and continuing until February 24, 2015, Ithaca Energy represented that it anticipated that First hydrocarbons from the hub remains scheduled for mid-2015 and the company continues to monitor closely the progress being made on completion of the required works by Petrofac Limited.
https://www.businesswire.com/news/home/20150305005133/en/Shareholder-Investigation-Ithaca-Energy
On February 24, 2015, Ithaca Energy’s securities closed at $1.32 per share on the TSX (0.6625 GBp on the LSE AIM). On February 25, 2015, prior to the market opening and contrary to statements made a month earlier, Ithaca Energy announced the FPF-1 floating production facility would not be completed until 2016. Ithaca Energy’s securities lost over 25% in value that day. Ithana Energy’s securities listed on the TSX closed at $0.88 (0.4830322707 GBp on the LSE AIM).
Morganti Legal, P.C. is evaluating possible legal claims on behalf of investors who purchased Ithaca Energy's securities listed on the Toronto and London stock exchanges between May 9, 2014 and February 25, 2015. One of the primary issues asked by an investor is whether Ithaca Energy knew or reasonably should have known that its views about the completion date of the FPF-1 floating production facility were overly optimistic and did not truly reflect the Ithaca Energy or Petrofac’s analysis of the then situation as reflected in its MD&A published in earlier disclosure documents to investors.
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