Press Release: April 1, 2020 – All Lawsuits Against Zion Oil & Gas Have Now Been Dismissed
All Lawsuits Against Zion Oil & Gas Have Now Been Dismissed
Lead plaintiffs in securities class action lawsuit voluntarily dismiss case.
DALLAS, Texas, and CAESAREA, Israel, April 1, 2020
Zion Oil & Gas, Inc. (Nasdaq: ZN) announces that the lead plaintiffs in the securities class action lawsuit filed against Zion on August 9, 2018, have voluntarily dismissed the lawsuit.
“Just as the consolidated derivative suit in Federal district court in Delaware was dismissed last November, the securities class action suit previously filed against Zion, Victor Carrillo, and Mike Croswell, in the Northern District of Texas has now been dismissed,” stated Zion’s President, Bill Avery. “Zion is thankful that these lawsuits have been dismissed so that we can focus on moving ahead with our oil exploration in Israel without distraction.”
CLASS ACTION SUIT DISMISSED
On March 3, 2020, Brantley Starr, United States District Judge for the Northern District of Texas, signed an Order dismissing the class action lawsuit without prejudice to its refiling by March 31, 2020. On March 30, 2020, however, the plaintiff voluntarily dismissed with prejudice (cannot be refiled) the class action suit against Zion, Carrillo, and Croswell.
DERIVATIVE SUIT PREVIOUSLY DISMISSED
As mentioned in Zion’s December 30, 2020, update, on November 26, 2019, Richard G. Andrews, United States District Judge for the District of Delaware, signed an Order dismissing the consolidated derivative suit filed against certain current and former directors of Zion as well as Zion as a nominal defendant. The Plaintiffs’ deadline to appeal the Order was December 26, 2019, and Plaintiffs did not appeal making dismissal final.
There is now no litigation pending against Zion.
Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.