SOURCE: Abraham, Fruchter & Twersky, LLP

September 10, 2008 16:48 ET

Abraham, Fruchter & Twersky, LLP Announces That It Has Been Retained to File a Class Action With Respect to the IPO of Quest Energy Partners LP

NEW YORK, NY--(Marketwire - September 10, 2008) - Abraham, Fruchter & Twersky, LLP ("AF&T") has been retained to file a class action law suit arising out of the initial public offering ("IPO" or the "Offering") of Quest Energy Partners LP ("Quest Energy") (NASDAQ: QELP) on behalf of purchasers of common units from the date of the IPO on or about November 7, 2007 through August 25, 2008 (the "Class Period").

Quest Energy's IPO of 9,100,000 shares at $18.00 per share on November 7, 2007 raised proceeds of approximately $150 million. On August 25, 2008, Quest Energy announced the resignation of CEO Jerry Cash after the Oklahoma Department of Securities' inquiry concerning, among other issues, questionable transfers of Quest Energy funds to an entity Mr. Cash controlled.

A complaint already filed charges Quest Energy, certain of its officers, and a controlling entity with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933. In particular, the complaint alleges that the statements made in connection with the IPO were materially false and misleading because of the failure to properly disclose related party transactions between its former CEO and an entity he controlled.

Plaintiff is represented by Abraham, Fruchter & Twersky, LLP, which has expertise in prosecuting investor class actions. If you wish to serve as lead plaintiff, you must move the Court by November 4, 2008. To serve as lead plaintiff, you must meet certain legal requirements set forth in the applicable law and file appropriate papers with the Court. You do not need to seek appointment as a lead plaintiff in order to share in any recovery. Under certain circumstances, one or more Class members may together serve as lead plaintiff. You may retain Abraham, Fruchter & Twersky, LLP, or other counsel of your choice, to serve as your counsel in this action or you may choose to do nothing and remain an absent class member.

If you wish to discuss this action, participate in this lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:

Contact Information

  • Jack G. Fruchter
    Abraham, Fruchter & Twersky, LLP
    One Penn Plaza, Suite 2805
    New York, N.Y. 10119
    Telephone: (212) 279-5050
    e-mail: Email Contact

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