PHILADELPHIA, Dec. 13, 2007 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. has commenced a class action lawsuit in the United States District Court, District of Utah, 2:07cv00966, on behalf of purchasers of the common stock of FX Energy, Inc. ("FX Energy" or the "Company") (Nasdaq:FXEN) between March 30, 2004 and January 5, 2006, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Dale A. Kimball.
If you wish to serve as lead plaintiff, you must move the Court no later than January 18, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges FX Energy and certain of its officers with violations of the Federal Securities Laws. FX Energy operates an independent oil and gas exploration and production company. As alleged in the complaint, defendants issued materially false and misleading statements concerning the Company's oil and gas reserve estimates in FX Energy's exploration areas located in the western part of Poland in a geological zone known as the Permian Basin. During the Class Period, defendants represented to the market that its gas reserve estimates exceeded one trillion cubic feet of gas. These statements lacked any objective basis in fact and were false and misleading when made by defendants. Then, commencing late in the Class Period, on December 20, 2005, defendants began to communicate to the market lowered expectations and estimates for its yet-undrilled wells. On January 4, 2006, the CEO of FX Energy admitted that the prior estimates of oil and gas reserves were based on false and misleading interpretations of the available data and were falsely inflated. He then provided new estimates to the market which were substantially lower. As a result of this startling disclosure, the price of FX Energy common stock dropped more than 26.5% to close at $6.07 per share, on abnormally heavy trading volume.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of FX Energy (Nasdaq:FXEN) between March 30, 2004 and January 5, 2006. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
Please
Contact: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
866-561-3600 (toll free) or 215-561-3600
susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com