On August 5, 2020, a press release was issued by Laredo announcing its financial results for the second quarter of 2020. Along with other results, Laredo reported a net loss of $545.5 million, or $46.75 per diluted share. In this press release investors were also advised that “the Company filed an amended Form 10-Q for the quarter ended March 31, 2020” in order to “correct[] a $160 million understatement of the full cost ceiling impairment expense for the quarter ended March 31, 2020, which caused an understatement of the balances of accumulated depletion and impairment and accumulated deficit, and a corresponding overstatement of the same amount to both net income and the balance of our oil and natural gas properties as of March 31, 2020.” Laredo’s stock price fell $0.76 per share on this news, or 4.59%, to close at $15.81 per share on August 6, 2020.
Laredo Petroleum, Inc.
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