NEW YORK, March 22, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Granite Ridge Resources, Inc. ("Granite Ridge" or the "Company") GRNT. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Granite Ridge and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On March 6, 2023, in a filing with the U.S. Securities and Exchange Commission, Granite Ridge disclosed that on March 3, 2023, the Audit Committee of the Company's Board concluded "that the unaudited condensed combined financial statements of the Company's Predecessor (as defined below) as of September 30, 2022 and for the three and nine months ended September 30, 2022 (collectively, the "Subject Periods") included in the Company's Quarterly Report on Form 10-Q (the "Form 10-Q") filed with the Securities and Exchange Commission (the "SEC") on November 14, 2022 for the Subject Periods, should no longer be relied upon. The Form 10-Q presented the financial statements of Grey Rock Energy Fund III-A, LP, Grey Rock Energy Fund III-B Holdings, LP, Grey Rock Energy Fund III-B, LP, Grey Rock Preferred Limited Partner III, LP (collectively, the "Predecessor"). The Predecessor was determined to be the accounting acquirer and predecessor in connection with the Company's business combination that closed October 24, 2022 pursuant to a business combination agreement dated May 16, 2022 among the Company, Executive Network Partnering Corporation, the Predecessor, certain other funds associated with Grey Rock Energy Management, LLC, and certain other parties thereto, which business combination was accounted for as a reverse recapitalization." Accordingly, Granite Ridge stated its intention to restated the unaudited financial statements for the Subject Periods as soon as practicable and advised that the original financial statements for the subject periods should not be relied upon. 

On this news, Granite Ridge's stock price fell $0.15 per share, or 2.65%, to close at $5.50 per share on March 6, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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.

CONTACT:

Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

SOURCE Pomerantz LLP