Investigation of Berry Corporation

Berry Corporation (BRY) Misled Shareholders about its Operational Efficiency and Stability   

Berry conducted its IPO on July 26, 2018, issuing 13 million shares of Berry common stock at $14 per share based on negligently prepared offering documents. Specifically, defendants failed to disclose that: (i) Berry had materially overstated its operational efficiency and stability; (ii) Berry’s operational inefficiency and instability would foreseeably necessitate operational improvements that would disrupt the Company’s productivity and increase costs; (iii) the foregoing would negatively impact the Company’s revenues; and (iv) as a result, the Company’s offering documents and public statements were materially false and misleading.  On November 3, 2020, Berry reported its financial and operating results for third quarter of 2020.  Berry reported non-GAAP EPS and revenue that fell short of estimates and that it had performed “operational improvements that caused temporary reductions in our production.”  On this news, the stock price fell over 5% to close at $2.69 per share on November 4, 2020, representing an over 80% decline from the IPO price.

If you purchased Berry Corporation (BRY) securities pursuant to its IPO or between July 26, 2018 and November 3, 2020, you have until January 21, 2021, to ask the court to appoint you lead plaintiff for the class.

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