NEW YORK, Dec. 5, 2005 (PRIMEZONE) -- Roy Jacobs & Associates announces that it has been retained to commence a Class Action in the United States District Court for the Western District of Louisiana, on behalf of a class of persons who purchased the securities of Stone Energy Corp. (NYSE:SGY) between March 4, 2002 and October 6, 2005, inclusive (the "Class Period").
The lawsuit filed would be without cost to you, and will be financed by plaintiff's counsel. If you are a member of the class and wish to view a copy of the complaint and join this suit, please contact us at classattorney@pipeline.com or toll-free at 1-888-884-4490. If you are a member of the class, you may move the Court, through counsel of your choice, no later than January 30, 2006 to serve as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may serve together as lead plaintiffs.
The complaint alleges that Stone made false and misleading statements regarding its financial performance. On October 6, 2005 Stone announced, among other things, its intention to take a significant reserve write-down of its "proven" oil reserves of $161 million -- a 20% decline. As a result, Stone's stock price fell $7.93 to $48.14. On November 8, 2005, Stone announced its intention to restate its financial statements for 2001 through 2004 and for the first two quarters of 2005. The Company launched an internal investigation into its reserve practices and admits that it overstated its oil reserves.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca