NEW YORK, July 4, 2014 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Pacific Coast Oil Trust ("Pacific Coast" or the "Company") (NYSE: ROYT).
A complaint has been filed in the Superior Court of California, County of Los Angeles on behalf of all persons who purchased or otherwise acquired Pacific Coast securities pursuant or traceable to the registration statements that became effective on May 2, 2012 and September 19, 2013 and the prospectuses issued thereto (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects. Specifically, the action alleges that defendants issued false and/or misleading statements regarding the expiration of Pacific Coast's capital expenditures and hedge contracts.
On September 18, 2013, Pacific Coast announced a Secondary Offering. Shortly thereafter, on September 24, 2013, the Company announced its October 2013 cash distribution, in which the monthly distribution significantly declined as a result of increased capital expenditures and lower-than-average realized oil prices.
Following this news, the price of Pacific Coast shares declined from the Secondary Offering price of $17.10 per share to recently trade at approximately $13.00 per share.
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Take Action
If you invested in Pacific Coast stock or options pursuant or traceable to the registration statement that became effective on May 2, 2012 and the prospectus issued thereto, and the registration statement that became effective on September 19, 2013 and the prospectuses issued thereto and would like to discuss your legal rights, visit www.faruqilaw.com/ROYT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Pacific Coast's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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