KSF investigating officers, directors of VAALCO Energy

Kahn Swick & Foti LLC (KSF) has commenced an investigation into VAALCO Energy Inc. (NYSE: EGY).

On March 13, 2017, VAALCO revealed in its 2016 fiscal year Annual Report that it had identified a material weakness as of December 31, 2016 “related to the execution of the control for the physical observation of equipment which is performed annually to validate its existence.”

VAALCO further disclosed that “management determined that the effectiveness and timeliness of the performance of controls related to the review of financial reports, the review of account reconciliations and the evaluation and reporting of significant and unusual transactions was not adequate to ensure that the material weakness in internal control identified in 2015 had been fully remediated.”

KSF’s investigation is focusing on whether VAALCO’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.

 

 

 

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