The Shareholders Foundation announces that an investor, who purchased shares of Pacific Coast Oil Trust (NYSE:ROYT), filed a lawsuit over alleged violations of Federal Securities Laws by Pacific Coast Oil Trust in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Pacific Coast Oil Trust (NYSE:ROYT) on May 2, 2012 in the Initial Public Offering (“IPO”) and/or in the September 19, 2013 Secondary Offering have certain options and for certain investors are short and strict deadlines running. NYSE:ROYT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The lawsuit was filed against Pacific Coast Oil Trust (NYSE:ROYT) and certain of its executives and directors and each of the investment banks that acted as underwriters in connection with Pacific Coast Oil Trust’s May 2, 2012 IPO and Pacific Coast Oil Trust’s September 19, 2013 Secondary Offering.
The plaintiff claims Pacific Coast Oil Trust’s IPO and Secondary Offering Registration Statements contained materially incorrect or misleading statements and/or omitted material information that was required to be disclosed. More specifically, the plaintiff alleges that Pacific Coast Oil Trust misstated the level and predictability of cash distributions that would be paid to unitholders, the need for capital expenditures, that the interests of Pacific Coast Energy Company and unitholders were aligned when, in fact, Pacific Coast Energy Company’s overriding interest was to limit capital expenditures along with operating costs, and that Pacific Coast Energy Company was able to and would use its technical and operational expertise to manage and control the timing of expenses and capital expenditures for the benefit of unitholders.
On April 21, 2015, NYSE:ROYT shares closed at $4.19 per share.
Those who purchased shares of Pacific Coast Oil Trust (NYSE:ROYT) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com