Glancy Binkow & Goldberg LLP - Representing Shareholders of Quest Resource
Corporation and Quest Energy Partners, L.P. - Announces Update to Shareholder
Lawsuit
LOS ANGELES, Oct. 10 /PRNewswire/ -- Glancy Binkow & Goldberg LLP --
representing shareholders of Quest Resource Corporation and Quest Energy
Partners, L.P. -- announces 25 days remaining to move to be a lead plaintiff
in the shareholder lawsuit. 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 all persons who
purchased the securities of Quest Resource Corporation ("Quest Resource" or
the "Company")(Nasdaq: QRCP) between May 2, 2005 and August 25, 2008 (the
"Class Period"), 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 receive a copy of the Complaint, or have any questions
concerning 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, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com,
or visit our website at http://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 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 shareholder lawsuits, 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.
SOURCE Glancy Binkow & Goldberg LLP
Lionel Z. Glancy, +1-310-201-9150, or 1-888-773-9224, or Michael Goldberg,
info@glancylaw.com, both of Glancy Binkow & Goldberg LLP
