SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

April 19, 2012 16:20 ET

Denver-Based Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Delta Petroleum, Inc. Securities Between 11/9/10 and 11/9/11; Announces Investor Deadline (DPTRQ)

DENVER, CO--(Marketwire - Apr 19, 2012) - The Denver, Colorado law firm of Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado, Civil Action No. 1:12-cv-01038, on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Delta Petroleum, Inc. ("Delta") (PINKSHEETS: DPTRQ) between November 9, 2010 and November 9, 2011, inclusive (the "Class Period").

What actions may I take at this time? If you purchased or acquired shares during the Class Period and wish to serve as a lead plaintiff, you must request an appointment by the court no later than June 18, 2012. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member.

What are the allegations in the complaint? Delta is an independent oil and gas company engaged primarily in the exploration for, and the acquisition, development, production, and sale of, natural gas and crude oil. Its core area of operations is the Rocky Mountain region, in which its proved reserves and production are located. The company is headquartered in Denver, Colorado.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the company's business and financial results. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts during the Class Period: (a) the company was not adequately reserving for its dry hole costs and impairments in violation of Generally Accepted Accounting Principles, causing its financial results to be materially misstated; (b) Delta's unproductive assets would hinder its ability to find a buyer for itself or its assets as the value of the company's assets was less than the value of its aggregate debt; and (c) the company had far greater exposure to liquidity concerns than it had previously disclosed. Based upon the foregoing, the complaint charges certain company officers and directors with violations of the Securities Exchange Act of 1934.

About Dyer & Berens LLP. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact
    Website: www.DyerBerens.com