The Rosen Law Firm Files Securities Class Action Charging Quest Energy Partners LP and Quest Resource Corporation with Violation
06 September 2008 - 3:19PM
Marketwired
The Rosen Law Firm announced that it has filed a class action
lawsuit on behalf of all purchasers of Quest Energy Partners LP
("Quest Energy") (NASDAQ: QELP) common units from the date of the
Company's initial public offering on or about November 7, 2007 (the
"IPO") through August 25, 2008 (the "Class Period").
To join the Quest Energy class action, go to the website at
http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip
Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com
or pkim@rosenlegal.com for information on the class action.
The case is pending in the United States District Court for the
Western District of Oklahoma. You can obtain a copy of the
complaint from the clerk of court or you may contact counsel for
plaintiffs Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at
866-767-3653 or email lrosen@rosenlegal.com or
pkim@rosenlegal.com.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER.
The complaint charges Quest Energy and certain former and
present officers, and controlling entities, including Quest
Resource Corporation ("Quest Resource") (NASDAQ: QRCP), with
violations of Sections 11 and/or 15 of the Securities Act of 1933
by virtue of Quest Energy's issuance of a materially inaccurate
Registration Statement and Prospectus (the "Registration
Statement") in connection with Quest Energy's IPO.
According to the Complaint, on November 7, 2007 Quest Energy
commenced its IPO raising over $150 million from investors. The
Complaint asserts that Quest Energy's Registration Statement was
materially inaccurate because Quest Energy failed to properly
disclose related party transactions between its former CEO and an
entity controlled by him. The Complaint also asserts claims against
Quest Resource as it was the controlling entity of Quest Energy and
is liable under Section 15 of the Securities Act.
On August 25, 2008 Quest Energy announced that its former CEO
Jerry Cash had resigned following an inquiry by the Oklahoma
Department of Securities in connection with questionable transfers
of, among other things, Quest Energy funds to an entity controlled
by Mr. Cash. Quest Energy also announced that it had constituted a
special committee to conduct an internal investigation. As a result
of these adverse disclosures, the price of Quest Energy shares
dropped damaging investors.
A class action lawsuit has already been filed on behalf of Quest
Energy shareholders. If you wish to serve as lead plaintiff, you
must move the Court no later than sixty days from the date of this
announcement. If you wish to join the litigation or to discuss your
rights or interests regarding this class action, please contact
plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of
The Rosen Law Firm toll free at 866-767-3653 or via e-mail at
lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has focuses on prosecuting investor
securities litigation and has extensive experience in actions
involving financial fraud. The Rosen Law Firm represents investors
throughout the nation in securities class actions.
Contact: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law
Firm P.A. Tel: (212) 686-1060 Weekends Tel: (917) 797-4425 Toll
Free: 1-866--767-3653 Fax: (212) 202-3827 Email Contact Email
Contact www.rosenlegal.com
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