Chesapeake Energy Corporation (NYSE: CHK)
A class action has been filed in the United States District Court for the Western District of Oklahoma on behalf of purchasers of Chesapeake Energy Corporation (NYSE: CHK) common stock between February 27, 2015 and September 28, 2016 (the “Class Period”).
The complaint charges Chesapeake and certain of its officers with violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose material adverse facts about the Company's business, operations, and prospects, including that Chesapeake lacked effective internal financial controls, which had resulted in the Company improperly accounting for the acquisition and classification of oil and gas properties. As a result of defendants’ false statements and/or omissions during the Class Period, Chesapeake shares traded at artificially inflated prices of more than $16 per share.
Then on September 29, 2016, before the market opened, Chesapeake announced that it had received a subpoena from the U.S. Department of Justice "seeking information on [the Company's] accounting methodology for the acquisition and classification of oil and gas properties and related matters." On this news, the Company's stock fell $0.63 per share, or more than 9%, to close at $6.12 per share on September 29, 2016.
If you are a current shareholder and purchased stock between February 27, 2015 and September 28, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.