NEW YORK, March 19, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Gulfport Energy Corporation (“Gulfport” or the “Company”) (NASDAQ: GPOR) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Gulfport between May 3, 2019 and February 27, 2020, inclusive (the “Class Period”).  The lawsuit seeks to recover damages for Gulfport investors under the federal securities laws.

The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose: (i) that a material weakness existed in Gulfport’s internal control over financial reporting; (ii) that, accordingly, Gulfport’s disclosure controls and procedures were ineffective; (iii) that, as a result, Gulfport’s financial statements contained multiple misstatements; and (iv) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.

On February 27, 2020, Gulfport disclosed that its third quarter 2019 financial statements should no longer be relied upon due to material misstatements.  For the nine months ended September 30, 2019, Gulfport (i) understated its accumulated depletion, depreciation, amortization and impairment by $554 million, (ii) overstated its income from operations by $554 million, and (iii) overstated its net income by $436 million.  On this news, Gulfport’s stock price fell $0.0807, or nearly 9%, to close at $0.8196 per share on February 28, 2020, thereby injuring investors.

Investors who purchased or otherwise acquired shares of Gulfport during the Class Period should contact the Firm prior to the May 18, 2020 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.

Please visit our website at http://www.gme-law.com for more information about the firm.

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