Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Quest Resource Corporation, and Quest Energy Partners, L.P., Announces Class Action Lawsuit and Seeks to Recover Losses -- QELP, QRCP


LOS ANGELES, Sept. 17, 2008 (GLOBE NEWSWIRE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a Class Action lawsuit in the United States District Court for the Western District of Oklahoma on behalf of a class (the "Class") consisting of all persons who purchased the common units of Quest Energy Partners L.P. ("Quest Energy" or the "Company") (Nasdaq:QELP) pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with the Company's Initial Public Offering (the "IPO") on November 7, 2007 through August 25, 2008, and on behalf all persons who purchased the securities of Quest Resource Corporation ("Quest Resource" or the "Company")(Nasdaq:QRCP) between May 2, 2005 through August 25, 2008 (the "Class Period").

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.

The Complaint charges Quest Energy and its parent company, Quest Resource, among others, with violations of federal securities laws. Quest Resource is engaged in the exploration, development, production and transportation of natural gas. Quest Energy is the gas and oil production operation arm of Quest Resource and engages in the acquisition, exploitation and development of oil and natural gas properties. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Quest Resource and Quest Energy's business and operations were materially false and misleading. Specifically, the Complaint alleges that defendants failed to disclose that the related party transactions, which existed at the time of Quest Energy's IPO, between Quest Energy and Rockport Energy -- an entity controlled by Quest Energy's chief executive officer -- in violation of Generally Accepted Accounting Principles and SEC regulations. These failures by defendants caused Quest Resource's disclosures on related party transactions to be materially incomplete and false.

On August 25, 2008, the Company announced, among other things, the resignation of its CEO, Jerry Cash, the formation of a Joint Special Committee to conduct an investigation of improper transfers of Company funds by Cash to Rockport Energy, and an inquiry launched by the Oklahoma Department of Securities in connection with the improper transfers.

This announcement shocked the market and caused the Company's stock to fall $2.05 per share, or nearly 30%, to $4.88 per share on August 25, 2008.

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the Class described above, you may move the Court, not later than November 4, 2008, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.

More information on this and other class actions can be found on the Class Action Newsline at http://www.globenewswire.com/ca/



            

Contact Data