Zion Discloses SEC Subpoena; Share Price Plummets
Zion operates as an oil and gas exploration company in Israel. Zion currently holds one active petroleum exploration license in Israel, the Megiddo-Jezreel License, comprising approximately 99,000 acres.
On July 11, 2018, Zion disclosed that it had received a subpoena to produce documents from the SEC, informing Zion of the existence of a non-public, fact-finding inquiry into the Company. Zion advised investors that its “response to the subpoena will necessarily entail significant costs and management’s attention.”
On this news, the share price of Zion fell 11% to close at $3.56 on July 12, 2018, causing significant harm to Zion investors.
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