Gulfport Energy Corporation (GPOR) Discloses Material Weakness in Financial Reporting
On February 27, 2020, Gulfport disclosed that its previously issued financial statements for the three and nine months ended September 30, 2019, “should no longer be relied upon due to material misstatements.” The Company further stated that as a consequence of these misstatements it determined “a material weakness in internal control over financial reporting existed as of September 30, 2019, and therefore the Company has concluded that its disclosure controls and procedures as of September 30, 2019 were not effective.” On this news, Gulfport’s stock price fell almost 9% to close at $0.82 per share.
