Ademi & O’Reilly, LLP is investigating possible securities fraud claims against Whiting (NYSE: WLL) resulting from inaccurate statements Whiting made regarding its business practices, financial statements and prospects.
The investigation focuses on whether Whiting issued false and misleading statements regarding its business practices and prospects. Specifically, Whiting failed to disclose that natural gas and liquids takeaway pipelines and processing that Whiting has expected to come available in the western parts of the Williston Basin were unavailable and delayed, and some that had been completed were having operational issues from the outset. As a result of these delays, Whiting’s oil wells in the Williston Basin were forced to have14 days of downtime in the second quarter, reducing Whiting’s output in the area by an average of 4,200 barrels per day.