Please complete this form relating to your transactions for Camber Energy, Inc. (NYSE: CEI) securities between February 18, 2021 and October 4, 2021, both dates inclusive (the “Class Period”).
You may also contact James Maro, Esq. (484) 270-1453; or toll free at (844) 887-9500; or you may submit your information via email at firstname.lastname@example.org; or you may click here to print a PDF of this form.
Camber investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than December 28, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Camber Energy, Inc. (“Camber”) (NYSE: CEI) securities between February 18, 2021 and October 4, 2021, both dates inclusive (the “Class Period”).
Camber is an independent oil and natural gas company that acquires, develops, and sells crude oil, natural gas, and natural gas liquids. In December 2020, Camber acquired a controlling interest in Viking Energy Group, Inc. (“Viking”), a purported independent exploration and production company. Then, in February 2021, Camber executed a definitive merger agreement with Viking to effect the full combination of the two entities (the “Merger”). The Class Period commences on February 18, 2021, when Camber issued a press release regarding the Merger. In the press release and during the Class Period, the defendants touted the acquisition of Viking.
The truth began to be revealed on May 24, 2021. After market hours, Camber issued a press release announcing that on May 21, 2021, the New York Stock Exchange (“NYSE”) had notified Camber that it was not in compliance with the NYSE’s continued listing standards because “[Camber] failed to timely file (the ‘Filing Delinquency’) its Form 10-K for the 9-month period ended December 31, 2020 (the ‘Report’).” Camber blamed the Filing Delinquency on, inter alia, its acquisition of its stake in Viking, stating that “[s]uch further delay in filing the Report past the deadline . . . is due to issues that have arisen in connection with . . . finalizing the determination of the fair values of both assets and liabilities associated with [Camber]’s acquisition of a controlling interest in Viking . . . in December of 2020.” Following this news, Camber’s stock price declined by $0.04 per share, or 6.56%, to close at $0.57 per share on May 25, 2021.
Then, on October 5, 2021, Kerrisdale Capital released a report that estimated that Camber’s “fully diluted share count is roughly triple the widely reported number, bringing its true, fully diluted market cap, absurdly, to nearly $900 million.” According to the report, this lay in stark contrast to figures “sources like Bloomberg and Yahoo Finance supply[,]” namely that Camber has “104.2 million shares outstanding times a $3.09 closing price (as of October 4, 2021) equal[ing] a market cap of $322 million.” The report also stated that all of Camber’s Series C preferred stock was held by one investor, Discover Growth Fund (“Discover”). According to the report, the terms of the preferred agreement capped Discover’s ownership of Camber’s common shares at 9.99% of the total, but nothing prevented “Discover from converting preferred into common up to that cap, selling off the resulting shares, converting additional preferred shares into common up to the cap, selling those common shares, etc.” Following this news,
Camber’s stock price fell $1.56 per share, or 50.49%, to close at $1.53 per share on October 5, 2021.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Camber overstated the financial and business prospects of Viking as well as the combined company post-Merger; (2) Camber failed to apprise investors of, and/or downplayed, the fact that its acquisition of a controlling interest in Viking would exacerbate Camber’s delinquent financial statements and listing obligations with the NYSE; (3) an institutional investor was diluting Camber’s shares at a significant rate following Camber’s July 12, 2021 update regarding the number of its shares of common stock issued and outstanding; and (5) as a result, Camber’s public statements were materially false and misleading at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.