Legacy Reserves Inc fka LGCYQ

[laraz5]

New board Fraud Dwight Scott has a history with the SEC

Doesn't this sound oddly familiar with LGCY, Dwight Scott has previous knowledge of frauding Oil and Gas Shells, could the documents within LGCY be "overstated"

Following reports in the summer of 2002 that El Paso hid debt in off-balance sheet entities and may have engaged in "round-trip trading," numerous securities class actions were filed against El Paso and additional defendants. On December 12, 2002, plaintiffs filed their first Consolidated Class Action Complaint alleging an initial class period from November 9, 2000 to September 23, 2002. All defendants moved to dismiss that complaint. On February 17, 2004, while the motions were pending, El Paso disclosed that its proved oil and gas reserves were overstated. El Paso's stock price dropped by over 17%. As a result, other plaintiffs filed new complaints based on the overstated reserves disclosures. The cases were consolidated, and on July 2, 2004, Lead Plaintiffs filed their Second Consolidated Class Action Complaint (the "Second Amended Complaint") alleging the current Class Period from February 22, 2000 through February 17, 2004. Again, defendants moved to dismiss.

The Second Amended Complaint asserts claims against defendants for violations of §§11, 12(a)(2), and 15 of the Securities Act of 1933 ("Securities Act") and §§10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5. The defendants are (1) El Paso; (2) PwC; (3) Credit Suisse First Boston; (4) William Wise, El Paso's former CEO; (5) H. Brent Austin, its former CFO until October 2002; (6) D. Dwight Scott, its CFO since October 2002; (7) Ralph Eads, former President of El Paso Merchant Energy; (8) Rodney Erskine, former President of El Paso Production; and (9) Ronald Kuehn, Jr., former El Paso board chairman.

Unlike the Hypothetical theories express by others, I will base my opinions on the links and passed findings of current board members.

Shame!

https://www.blbglaw.com/cases/00024


IMO