Zion Oil & Gas, Inc. (ZN) Failed to Disclose it Was the Subject of an SEC Investigation
According to the filed class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 12, 2018 and July 10, 2018, 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.” Despite these representations, 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% and has continued to steadily decline.
Zion Oil & Gas, Inc. (ZN) Shareholders Have Legal Options
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