We are investigating Ultra Petroleum Corp. (UPLCQ) (“Ultra” or the “Company”) for potential violations of the federal securities laws. On August 9, 2019, Ultra issued a press release announcing its second quarter 2019 financial and operating results. The Company disclosed that total revenues for the quarter had decreased 18% to $155.4 million, compared to $190.1 million during the second quarter of 2018. Ultra’s press release advised investors that the Company’s once vaunted horizontal well program had been effectively halted and also lowered the Company’s 2019 projected capital investments to a range of $260 million to $290 million and annual production to a range of 3239 to 244 billion cubic feet equivalent. On this news, Ultra’s stock price fell 31% to close at $0.09 per share on unusually high volume of nearly 14 million shares traded. On August 22, 2019, NASDAQ formally delisted Ultra stock.