NEW YORK, Oct. 04, 2016 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Chesapeake Energy Corporation (“Chesapeake” or the “Company”) (NYSE:CHK) of the December 5, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Western District of Oklahoma on behalf of all those who purchased Chesapeake securities between February 27, 2015 and September 28, 2016 (the “Class Period”). The case, Saunders et al v. Chesapeake Energy Corporation et al, No. 5:16-cv-01150 was filed on October 4, 2016, and has been assigned to Judge David Lynn Russell.
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.
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If you invested in Chesapeake common stock or options between February 27, 2015 and September 28, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/CHK. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Chesapeake’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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