Howard B. Sirota, a veteran securities class action litigator in New York, has announced he is investigating Interoil, a Yukon Canada Company claiming to have discovered the world's largest-ever natural gas field in Papua New Guinea. Interoil shares have dropped sharply following an expose article detailing apparent discrepancies between Interoil's public disclosures and unsealed court transcripts and recent insider selling.
Rockaway Park, NY (PRWEB) March 29, 2010 -- Veteran New York-based securities class action litigator Howard B. Sirota announced today that he is investigating Interoil, a Yukon Canada Company claiming in its 2009 press releases and regulatory filings in Canada and America to have discovered the world's largest-ever natural gas field in Papua New Guinea. Interoil shares plunged Friday on the NYSE following an expose article released Friday morning by William Lobdell of www.ibizreporting.com detailing apparent discrepancies between Introil's public regulatory filings and unsealed court transcripts. Accoding to Lobdell, Interoil's CEO told a federal bankruptcy judge in Texas that Interoil faced a "devastating" impact upon Interoil of a pending lawsuit which, according to Lobdell, triggered a bankruptcy filing by an entity controlled by Interoil's CEO, as well as recent heavy insider selling prior to public revelation of the apparent discrepancies. According to Lobdell, the Bankruptcy Judge dismissed the filing as having been filed "in bad faith."
Sirota, who was a Lead Counsel in a number of high-profile securities class actions in America, including Crazy Eddie, Sahlen, Wedtech, Firstplus Financial, and the IPO Securities Litigation, said he has been monitoring Interoil for the past year after learning that recidivist securities law violators in America and Canada were involved in selling Interoil securities....
