NEW YORK--(EON: Enhanced Online News)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of VAALCO Energy, Inc. (NYSE:EGY) resulting from allegations that VAALCO may have issued materially misleading business information to the investing public.
“that as of December 31, 2016 there is a material weakness related to the execution of the control for the physical observation of equipment which is performed annually to validate its existence.”
On March 13, 2017, VAALCO disclosed after market closed “that as of December 31, 2016 there is a material weakness related to the execution of the control for the physical observation of equipment which is performed annually to validate its existence.” VAALCO further disclosed that “management determined that the effectiveness and timeliness of the performance of controls related to the review of financial reports, the review of account reconciliations and the evaluation and reporting of significant and unusual transactions was not adequate to ensure that the material weakness in internal control identified in 2015 had been fully remediated.” On this news, shares of VAALCO fell $0.127 per share or over 12% to close at $0.923 on March 14, 2017.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by VAALCO investors. If you purchased shares of VAALCO please visit the firm’s website at http://www.rosenlegal.com/cases-1083.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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