Zion Oil & Gas, Inc. (ZN) Failed to Disclose it was the Subject of an SEC Investigation
According to the recently filed class action complaint, Zion Oil & Gas, Inc. (ZN) repeatedly stated in its filings with the Securities and Exchange Commission (“SEC”) that “no pending or known threatened claims, actions or proceedings against the Company are expected to have a material adverse effect on its financial position, results of operations or cash flows.” While the company made these representations, however, news of reported SEC investigations into the company appeared on Twitter and in publications, such as the Probes Reporter. Then, on June 21, 2018, Zion received a subpoena to produce documents from the Fort Worth office of the SEC, informing Zion of a non-public, fact-finding inquiry into the Company. When Zion finally informed the public that it was being investigated by the SEC in a filing on July 11, 2018, its stock price fell 11%.
Zion Shareholders Have Legal Options
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