Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Class Action Lawsuit on Behalf of Investors in Quest Resource Corporation (
07 Oktober 2008 - 5:14PM
Business Wire
The law firm Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has
filed a lawsuit in the United States District Court for the Western
District of Oklahoma on behalf of a class (the �Class�) consisting
of all persons who purchased the common units of Quest Energy
Partners L.P. (�Quest Energy� or the �Company�) (NasdaqGM:QELP)
pursuant and/or traceable to the Company�s Registration Statement
and Prospectus issued in connection with the Company�s Initial
Public Offering (the �IPO�) on November 7, 2007 through August 25,
2008, and on behalf all persons who purchased the securities of
Quest Resource Corporation (�Quest Resource� or the �Company�)
(NasdaqGM:QRCP) between May 2, 2005 through August 25, 2008 (the
�Class Period�). The Complaint charges Quest Energy and its parent
company, Quest Resource, among others, with violations of federal
securities laws. Quest Resource is engaged in the exploration,
development, production and transportation of natural gas. Quest
Energy is the gas and oil production operation arm of Quest
Resource and engages in the acquisition, exploitation and
development of oil and natural gas properties. The Complaint
alleges that throughout the Class Period defendants knew or
recklessly disregarded that their public statements concerning
Quest Resource, and Quest Energy�s business and operations were
materially false and misleading. Specifically, the Complaint
alleges that defendants failed to disclose that related party
transactions, which existed at the time of Quest Energy�s IPO,
between Quest Energy and Rockport Energy -- an entity controlled by
Quest Energy�s chief executive officer, violated Generally Accepted
Accounting Principles and SEC regulations. These failures by
defendants caused Quest Resource�s disclosures on related party
transactions to be materially incomplete and false. On August 25,
2008, the Company announced, among other things, the resignation of
its CEO, Jerry Cash, the formation of a Joint Special Committee to
conduct an investigation of improper transfers of Company funds by
Cash to Rockport Energy, and an inquiry launched by the Oklahoma
Department of Securities in connection with the improper transfers.
This announcement shocked the market and caused the Company�s stock
to fall $2.05 per share, or nearly 30%, to $4.88 per share on
August 25, 2008. The lawsuit seeks to recover damages on behalf of
Class members. If you are a member of the Class, you may, no later
than November 4, 2008, request that the Court appoint you as Lead
Plaintiff of the Class. Any member of the purported Class may move
the Court to serve as Lead Plaintiff through counsel of their
choice or may choose to remain an absent Class member. Cohen,
Milstein, Hausfeld & Toll, P.L.L.C. has significant experience
in prosecuting investor class actions and actions involving
securities fraud. The firm has offices in Washington, D.C., New
York, Philadelphia, Chicago, San Francisco, and London, and is
active in major litigation pending in federal and state courts
throughout the nation. A copy of the Complaint can be found on the
firm�s website at www.cmht.com. The firm�s reputation for
excellence has been recognized on repeated occasions by courts
which have appointed the firm to lead positions in complex
multi-district or consolidated litigation. Cohen, Milstein,
Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous
important cases on behalf of defrauded investors, and has been
responsible for a number of outstanding recoveries which, in the
aggregate, total in the billions of dollars. If you have any
questions about this notice or the action, or with regard to your
rights, please contact either of the following: � Steven J. Toll,
Esq. Javier Morla Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W. West Tower, Suite 500 Washington, D.C.
20005 Telephone: (888) 240-0775 or (202) 408-4600 Email:
stoll@cmht.com or jmorla@cmht.com �
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