The complaint alleges that the Offering Documents were negligently prepared, and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make necessary disclosures required under the rules and regulations governing their preparation. Additionally, throughout the Class Period, Berry made materially misleading and false statements regarding the Berry’s compliance, operational, and business policies. Specifically, the Offering Documents and Berry made misleading and/or false statements and/or failed to disclose that: (1) Berry had materially overstated its operational stability and efficiency; (2) Berry’s operational instability and inefficiency would foreseeably necessitate operational improvements that would increase Berry’s costs and disrupt Berry’s productivity; (3) the foregoing would foreseeably negatively impact Berry’s revenues; and (4) the Offering Documents and the Berry’s public statements were materially misleading and/or false and failed to state information required to be stated therein, as a result.

On November 3, 2020, post-market, Berry reported its operating and financial results for 2020’s third quarter. Berry reported non-GAAP EPS and revenue that both fell short of estimates, among other results. In addition, Berry reported that during this quarter, “the Company undertook certain operational improvements that caused temporary reductions in our production. Notably, we performed some plugging and abandonment activity that resulted in the temporary shut-in of nearby wells. Additionally, improved steam management reduced overall costs but temporarily increased water disposal and well maintenance needs, resulting in a slight decrease in production.”

Berry’s stock price fell $0.15 per share, or 5.28%, on this news, to close at $2.69 per share on November 4, 2020, which represented an 80.78% decline from the IPO price.

Berry Corporation

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Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
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Los Angeles, CA 90067