NEW YORK, Sept. 5, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of San Juan Basin Royalty Trust ("SJB" or the "Trust") (NYSE: SJT). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether SJB and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 20, 2021, SJB announced that "it will not declare a monthly cash distribution to the holders of its Units of beneficial interest" due to "excess production costs for the June 2021 production month." The Trust disclosed that "true-ups that occurred last month to the lease operating and capital cost categories for the January 2021 through April 2021 production months resulting in additional profits were made in error" and that "the June 2021 reporting month includes a reduction of $2,043,557.99 gross profits ($1,532,668.49 net to the Trust) due to corrections for those periods."
On this news, SJB's stock price fell $0.86 per share, or 17.1%, to close at $4.17 per share on August 20, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
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SOURCE Pomerantz LLP