Chesapeake investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Chesapeake engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) Chesapeake had improperly accounted for the acquisition and classification of oil and gas properties; (ii) Chesapeake lacked effective internal financial controls; and (iii) as a result of the foregoing, Chesapeake’s public statements were materially false and misleading at all relevant times.
The Class Period commences on February 27, 2015, when Chesapeake filed an Annual Report on Form 8-K with the SEC, announcing the company’s financial and operating results for the quarter and year ended December 31, 2014.
According to the complaint, on September 29, 2016, pre-market, Chesapeake announced receipt of a subpoena from the U.S. Department of Justice “seeking information on our accounting methodology for the acquisition and classification of oil and gas properties and related matters.” Following this news, the company’s stock fell $0.63, or 9.33%, to close at $6.12 on September 29, 2016.
If you are a member of the class described above, you may no later than December 5, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
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. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com