INVESTOR ALERT: KGS Notifies Quest Energy Partners LP Purchasers With Losses Greater Than $100,000 of Lead Plaintiff Application
07 September 2008 - 3:56AM
Marketwired
Kahn Gauthier Swick, LLC ("KGS") announces that a securities class
action lawsuit was filed in the United States District Court for
the Western District of Oklahoma, on behalf of purchasers of Quest
Energy Partners LP ("Quest Energy") (NASDAQ: QELP) units who bought
between the date of the Company's initial public offering on or
about November 7, 2007 (the "IPO") and August 25, 2008 (the "Class
Period"). No class has yet been certified in this action.
If you would like to discuss your legal rights, you may e-mail
or call KGS Managing Partner Lewis Kahn, without obligation or cost
to you, toll free 1-866-467-1400, ext. 100, via cell phone after
hours at 504-301-7900, or by email at
lewis.kahn@kgscounsel.com.
Quest Energy and certain of its officers and a controlling
entity are charged with including, or allowing the inclusion of,
materially false and misleading statements in the Registration
Statement and Prospectus issued in connection with the Company's
IPO, in violation of the Securities Act of 1933. In particular,
despite raising $150 million in its IPO, Quest Energy failed to
properly disclose related party transactions between its former CEO
and an entity he controlled. On August 25, 2008 Quest Energy
announced the resignation of CEO Jerry Cash after the Oklahoma
Department of Securities' inquiry concerning, among other issues,
questionable transfers of Quest Energy funds to an entity Mr. Cash
controlled. The Company announced the creation of a special
committee to conduct an internal investigation. After these
announcements, the price of Quest Energy shares has fallen
dramatically.
If you wish to serve as lead plaintiff in this class action
lawsuit, you must move the Court no later than 60 days from the
notice of the filing of the first lawsuit. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. If you would like to discuss your
legal rights, you may e-mail or call KGS Managing Partner Lewis
Kahn, without obligation or cost to you, toll free 1-866-467-1400,
ext. 100, after hours via cell phone 504-301-7900, or by email at
lewis.kahn@kgscounsel.com. To learn more about KGS, you may visit
www.kgscounsel.com. KGS is a law firm focused on securities class
action litigation with offices in New Orleans and New York
City.
KGS' lawyers have significant experience litigating complex
securities class actions. Among other cases, KGS has been appointed
Lead or Co-Lead Counsel in the following securities cases: In re:
U.S. Auto Parts Networks, Inc. Securities Litigation, C.D. Cal.; In
re Optionable, Inc. Securities Litigation, S.D.N.Y.; In re Xethanol
Corporation Securities Litigation, S.D.N.Y.; Pixelplus Co. Ltd.,
S.D.N.Y.; In re Witness Systems Inc. Securities Litigation, N.D.
Ga.; Whitney Information Network, M.D. Fla.; Bodisen Biotech, Inc.,
S.D.N.Y.; Pegasus Wireless Corp., S.D. Fla.; In re Xinhua Finance
Media, Ltd. Securities Litigation, S.D.N.Y.; Terayon Comm. Systems
Inc., N.D. Cal.; Gaming Partners, D. Nev.; and In re BigBand
Networks, Inc. Securities Litigation, N.D. Cal.
SPECIAL NOTICE: KGS encourages you to carefully evaluate any
firm you may consider to represent your interests in the Quest
Energy class action. The Private Securities Litigation Reform Act
("PSLRA") permits Quest Energy shareholders to choose counsel of
their choice to prosecute this action. Critical components of a law
firm's ability to successfully prosecute this action and obtain a
strong recovery for you include the resources it will dedicate to
prosecution of the case, including the number of lawyers the firm
has available for the Quest Energy action in particular, AND
especially the quality of the firm's work. Interested shareholders
are encouraged to call for consultation and to request more
information about KGS. While KGS has not filed suit yet, the firm
is currently conducting its own investigation of Quest Energy and
invites shareholders to evaluate its complaint when choosing
counsel.
Contact: Lewis Kahn Kahn Gauthier Swick, LLC 1-866-467-1400,
ext. 100 Lewis.kahn@kgscounsel.com
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