Securities Class Action Filed on Behalf of Persons or Entities That Purchased Securities of Alta Mesa Resources, Inc. (f/k/a ...
21 March 2019 - 8:27AM
Business Wire
Entwistle & Cappucci LLP (“Entwistle & Cappucci”) today
announced that it has filed a securities class action lawsuit (the
“Action”) on behalf of (1) all persons or entities, excluding
Defendants, that purchased or otherwise acquired securities of Alta
Mesa Resources, Inc., f/k/a Silver Run Acquisition Corporation II
(“Silver Run II” or the “Company”) during the period August 16,
2017 through February 25, 2019, inclusive (the “Class”), and were
damaged thereby, and (2) all Silver Run II Class A shareholders as
of the January 22, 2018 record date (the “Record Date”) that were
entitled to vote on the proposed acquisition (the “Acquisition”) of
Alta Mesa Holdings, LP (“Alta Mesa”) and Kingfisher Midstream LLC
(“Kingfisher”). The Action is brought pursuant to Sections 10(b),
14(a) and 20(a) of the Securities Exchange Act of 1934. Plaintiffs
seek an award of damages, and prejudgment interest, to Plaintiffs
and other Class members.
The relevant securities include Silver Run II’s Class A common
stock (NASDAQ: AMR; formerly SRUN) and Alta Mesa’s public warrants
(NASDAQ: AMRWW; formerly SRUNU). The case was filed in the United
States District Court for the Southern District of Texas, Case No.
4:19-cv-01027, against Alta Mesa, Riverstone Holdings LLC and
certain officers and directors of the Company (collectively,
“Defendants”).
The complaint alleges that, during the Class Period, the
Defendants made materially false and misleading statements and
failed to disclose material adverse facts concerning the Company’s
business and internal controls. In this regard, the complaint
alleges that: (1) Silver Run II misled investors in order to
complete the Acquisition of Alta Mesa and Kingfisher; (2)
Defendants failed to disclose the operational setbacks that started
to impact Alta Mesa and Kingfisher prior to the vote on the
Acquisition; and (3) Defendants failed to disclose material
weaknesses with the Company’s internal controls over financial
reporting. As a result of Defendants’ false and misleading
statements and omissions, Silver Run II’s securities traded at
artificially inflated prices during the Class Period. The complaint
also alleges that Silver Run II issued a false and misleading Proxy
statement in order to induce shareholders to vote in favor of the
proposed Acquisition.
The Action is related to claims asserted in the action captioned
Plumbers & Pipefitters National Pension Fund v. Alta Mesa
Resources, Inc., No. 19-cv-00920 (S.D.N.Y.), on behalf of investors
that held Silver Run II Class A common stock as of the Record Date,
as well as claims asserted in the action captioned Camelot Event
Driven Fund, A Series of Frank Funds Trust v. Alta Mesa Resources,
Inc., No. 19-cv-00957 (S.D. Tex.), on behalf of investors that held
Silver Run II Class A common stock on the Record Date, as well as
all persons or entities that purchased or otherwise acquired Silver
Run II securities between March 24, 2017 and February 25, 2019,
both dates inclusive.
If you wish to serve as a lead plaintiff in this matter, you
must file a motion no later than April 1, 2019. Any member of the
proposed Class may move to serve as a lead plaintiff in this matter
through counsel of their choice, or they may choose to do nothing
and remain a member of the Class.
If you wish to discuss this Action or have any questions
concerning this notice or your rights or interests, please contact:
Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (512)
710-5960 or via e-mail at aentwistle@entwistle-law.com; or Robert
N. Cappucci, Esq. of Entwistle & Cappucci at (212) 894-7200 or
via e-mail at rcappucci@entwistle-law.com.
About Entwistle & Cappucci
Entwistle & Cappucci is a national law firm providing
exceptional legal representation to clients globally in the most
complex and challenging legal matters. Our practice encompasses all
areas of litigation, including securities, antitrust, corporate
transactions, general corporate and commercial, creditor’s rights
and bankruptcy, corporate governance and fiduciary duty, government
affairs, insurance, investigations and white collar defense. Our
clients include public and private corporations, major hedge funds,
public pension funds, governmental entities, leading institutional
investors, domestic and foreign financial services companies,
emerging business enterprises and individual entrepreneurs.
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ENTWISTLE & CAPPUCCI LLPAndrew J. Entwistle, Esq.
(aentwistle@entwistle-law.com)500 W. 2nd Street, Suite
1900-16Austin, TX 78701Telephone: (512) 710-5960
ENTWISTLE & CAPPUCCI LLPRobert N. Cappucci, Esq.
(rcappucci@entwistle-law.com)299 Park Avenue, 20th FloorNew York,
New York 10171Telephone: (212) 894-7200www.entwistle-law.com
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