Robbins Arroyo LLP Is Investigating the Officers and Directors of Swift Energy Co. (SFY) on Behalf of Shareholders
Robbins Arroyo LLP is investigating whether certain officers and directors of Swift Energy Co. (NYSE: SFY) breached their fiduciary duties to shareholders. Swift Energy acquires, explores, develops and operates oil and natural gas properties.
Swift Energy Will Restate Quarterly Earnings
On November 11, 2014, Swift Energy announced that it would be restating financial results contained in its quarterly and annual report ending December 31, 2013, March 31, 2014, and June 30, 2014. These restatements come after an error was found in the model used to determine historical ceiling test write-downs, which include the tax effect of asset retirement obligations. The correction of the ceiling-test-error is expected to decrease net income for each quarter of 2014 by an estimated $500,000.
Swift Energy Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.