CORAL SPRINGS, Fla., Jan. 12, 2006 (PRIMEZONE) -- The law firm of Mager & Goldstein LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Louisiana on behalf of all purchasers of securities of Stone Energy Corporation ("Stone Energy" or the "Company")(NYSE:SGY) between June 17, 2005 and October 6, 2005, inclusive (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing materially false and misleading statements during the Class Period which resulted in artificially inflating the value of Stone Energy stock.
During the Class Period, defendants assured investors through press releases and SEC filings that the reporting of Stone Energy's proved reserves was done in compliance with SEC guidelines. As a result, the Company's stock traded at over $62 per share in September, 2005. However, on October 6, 2005, defendants shocked investors by revealing that an internal reserve review performed during the third quarter would necessitate significant downward adjustments to Stone Energy's previously reported reserves. As a result of this news, the value of Stone Energy fell from $56.07 to $48.14 per share, during unusually high trading.
If you bought Stone Energy securities between June 17, 2005 and October 6, 2005 and sustained damages, you may, no later than January 30, 2006, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative who acts on behalf of other class members in directing the litigation. Under certain circumstances, several class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by whether or not you serve as lead plaintiff. You may retain Mager & Goldstein LLP, or other counsel, to represent you in this action.
Mager & Goldstein has offices in Pennsylvania, Florida and Colorado. The firm's attorneys have been litigating complex commercial matters for over twenty years.
If you wish to discuss the lawsuit against Stone Energy Corporation with us, or have any questions about this notice or your legal rights with regard to this case, please contact the following attorney:
Lee Albert One Liberty Place, 21st Floor 1650 Market Street Philadelphia, PA 19103 215-640-3280 Telephone 866-284-3280 Toll Free 215-640-3281 Fax E-mail: lalbert@magergoldstein.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca