NEW YORK, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Zion Oil & Gas, Inc. (“Zion” or the “Company”) (NASDAQ:ZN) in the United States District Court for the Northern District of Texas on behalf of a class consisting of investors who purchased or otherwise acquired Zion securities on the open market from March 12, 2018 and July 10, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ alleged violations of the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose: (i) Zion was either already or was likely to soon become the subject of an SEC investigation; and (ii) as a result, Zion’ public statements were materially false and misleading at all relevant times.
On July 11, 2018, Zion disclosed that the Company had received a subpoena to produce documents from the Fort Worth office of the SEC, informing Zion of the existence of a non-public, fact-finding inquiry into the Company. Zion advised investors that its “response to the subpoena will necessarily entail significant costs and management’s attention.” The Complaint alleges that upon the disclosure of this news, investors in the Company were damaged.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 9, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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