NEW YORK, Nov. 04, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that it is investigating whether the directors and/or officers of Berry Corporation (“Berry” or the “Company”) BRY have breached their fiduciary duties of loyalty, good faith and honesty and whether the Company has suffered material damage as a result.

On June 29, 2018, the Company filed its IPO registration statement on Form Sl, which, following an amendment, was declared effective by the SEC on July 25, 2018 (the “Registration Statement”). On or about July 26, 2018, Berry completed its IPO, upon which the Company began trading on the NASDAQ Global Select Market (“NASDAQ”), issued 13 million shares of Berry common stock at $14 per share for proceeds of over $138 million $ made before expenses. On July 27, 2018, Berry filed its prospectus with the SEC on Form 424B4 (the “Prospectus” and together with the registration statement, the “Offering Documents”).

According to a complaint filed by investors in the Company’s securities, the Company’s offering materials were negligently prepared and, as a result, contained untrue statements of material facts, omitted material facts necessary for the statements therein not to be misleading, and failed to to provide the necessary information required by the rules and regulations for their preparation. In addition, the defendants made materially false and misleading statements about the Company’s business, operational and compliance policies. In particular, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose the following: (i) Berry had materially overstated its operational efficiency and stability; (ii) Berry’s operational inefficiency and instability would likely require operational improvements that would disrupt the Company’s productivity and increase costs; (iii) the foregoing would have a foreseeable adverse effect on the Company’s revenues; and (iv) as a result, the offer …