Cases
Chesapeake Energy Corporation (NYSE : CHK)
Securities Class Action
Overview
Overview
- Date:
- 10/5/2016
- Company Name:
- Chesapeake Energy Corporation
- Stock Symbol:
- CHK
- Class Period:
- FROM 2/27/2015 TO 9/28/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Western Oklahoma
NEW YORK, October 5, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Oklahoma Western District Court on behalf of all persons or entities who acquired Chesapeake Energy Corporation (NYSE: CHK) securities between February 27, 2015 to September 28, 2016 (the “Class Period”).
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (i) the Company improperly accounted for the acquisition and classification of oil and gas properties; (ii) Chesapeake lacked effective internal financial controls; and (iii) as a result, Chesapeake’s public statements were materially false and misleading.
Specifically, during pre-market on September 29, 2016, Chesapeake disclosed receipt of a subpoena from the U.S. Department of Justice (“DOJ”), in which the DOJ is seeking information relating to Chesapeake’s accounting methodology for the acquisition and classification of oil and gas properties.
On this news, Chesapeake’s share price fell from $6.75 per share on September 28, 2016 to a closing price of $6.12 on September 29, 2016 —a $0.63 or a 9.33% drop.
If you acquired Chesapeake securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (i) the Company improperly accounted for the acquisition and classification of oil and gas properties; (ii) Chesapeake lacked effective internal financial controls; and (iii) as a result, Chesapeake’s public statements were materially false and misleading.
Specifically, during pre-market on September 29, 2016, Chesapeake disclosed receipt of a subpoena from the U.S. Department of Justice (“DOJ”), in which the DOJ is seeking information relating to Chesapeake’s accounting methodology for the acquisition and classification of oil and gas properties.
On this news, Chesapeake’s share price fell from $6.75 per share on September 28, 2016 to a closing price of $6.12 on September 29, 2016 —a $0.63 or a 9.33% drop.
If you acquired Chesapeake securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.