NEW ORLEANS, Feb. 22, 2019 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Parsley Energy, Inc. (NYSE: PE).
On January 2, 2019, The Wall Street Journal reported in an article titled "Fracking's Secret Problem—Oil Wells Aren't Producing as Much as Forecast" that, according to a review of available public data on production, many of the Company's shale wells, specifically those involved in the fracking process, were producing oil and gas at a much lower rate than the Company had forecasted to investors. For example, wells in the Midland section of the Permian Basin that the Company had informed investors in 2015 were expected to produce 1,050,000 barrels of oil and gas apiece now appear on track to miss forecasts for every year from 2014 to 2017 by an average of 25%. Further, the report noted that "findings suggest current production levels may be hard to sustain without greater spending because operators will have to drill more wells to meet growth targets."
KSF's investigation is focusing on whether Parsley's officers and/or directors breached their fiduciary duties to Parsley's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Parsley shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-pe/ to learn more.
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.