BOULDER, Colo., Sept. 17, 2008 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that a lawsuit seeking class action status has been filed in the U.S. District Court for the Western District of Oklahoma on behalf of all those who purchased the common stock of Quest Energy Partners, L.P. ("Quest Energy") (Nasdaq:QELP) between November 7, 2007 (the "IPO") and August 25, 2008, inclusive (the "Class Period").
The complaint charges Quest Energy and certain former and present officers, and controlling entities, including Quest Resource Corporation ("Quest Resource") (Nasdaq:QRCP), with violations of Sections 11 and/or 15 of the Securities Act of 1933 by virtue of Quest Energy's issuance of a materially inaccurate Registration Statement in connection with Quest Energy's IPO in that Quest Energy failed to properly disclose related party transactions between its former CEO and an entity controlled by him.
On August 25, 2008, Quest Energy announced that its former CEO Jerry Cash had resigned following an inquiry by the Oklahoma Department of Securities in connection with questionable transfers of, among other things, Quest Energy funds to an entity controlled by Mr. Cash. Quest Energy also announced that it had constituted a special committee to conduct an internal investigation. As a result of these adverse disclosures, the price of Quest Energy shares dropped significantly.
If you purchased Quest Energy common stock during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than November 5, 2008. While The Shuman Law Firm has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.
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More information on this and other class actions can be found on the Class Action Newsline at http://www.globenewswire.com/ca.