The Shareholders Foundation announces that an investigation on behalf of investors in PDC Energy Inc (NASDAQ:PDCE) shares was initiated over potential breaches of fiduciary duties by certain officers and directors at PDC Energy.
Investors who purchased shares of PDC Energy Inc (NASDAQ:PDCE) in 2011 or earlier and currently hold any of the NASDAQ:PDCE shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain PDC Energy officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
In December 2011, PDC Energy Inc and its wholly-owned merger subsidiary were served with an lawsuit on behalf of certain former partnership unit holders, related to its partnership repurchases completed by mergers in 2010 and 2011. The complaint primarily alleges that the disclosures in the proxy statements issued in connection with the mergers were inadequate, and a state law breach of fiduciary duty.
On February 27, 2013 PDC Energy Inc announced its 2012 fourth quarter and year end results.
PDC Energy Inc reported that its annual Total Revenue declined from $337.29 million in 2011 to $320.61 million in 2012 and that its Net Income of $13.44 million in 2011 turned to a Net Loss of $130.71 million in 2012. Shares of PDC Energy Inc (NASDAQ:PDCE) grew from $20.12 per share in June 2012 to as high as $72.83 per share in October 2013.
On February 20, 2014, PDC Energy Inc announced its 2013 fourth quarter and Year-End Results.PDC Energy’s annual Total Revenue rose from $320.61 million in 2012 to $411.31 million in 2013 and its respective Net Loss declined from $130.71 million to $22.30 million.
Shares of PDC Energy Inc (NASDAQ:PDCE) grew from $46.97 per share in January 2014 to as high as $65.16 per share on June 2, 2014.
Those who purchased shares of certain PDC Energy Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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