Pittsburgh Law Office of Alfred G. Yates Jr., P.C. Files Class Action Lawsuit On Behalf of Shareholders of SandRidge Energy (SD) and Announces Investigations of Ameristar Casinos (ASCA), Arbitron (ARB), Bankrate (RATE), CommonWealth REIT (CWH), Duff & Phelps (DUF), Envivio (ENVI), FirstCity Financial (FCFC), Greenbrier (GBX), Groupon (GRPN), and VeriFone Systems (PAY)
PITTSBURGH, Jan. 8, 2013 /PRNewswire/ -- Notice is hereby given by the Law Office of Alfred G. Yates Jr., P.C. that it has filed a class action in the United States District Court for the Western District of Oklahoma, # 5:13-cv-00019, on behalf of all persons or entities who purchased the securities of SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE: SD) between February 24, 2011 and November 8, 2012 (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Alfred G. Yates Jr., at 1-800-391-5164, toll free, or at firstname.lastname@example.org by e-mail. Please visit http://yatesclassactionlaw.com. 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. If you wish to serve as lead plaintiff, you must move the Court no later than February 4, 2013.
The Complaint alleges that defendants shocked the market by disclosing that they had been grossly overstating the proportion of oil-producing versus natural gas producing assets in the Company's Mississippian formation throughout the Class Period. Defendants also disclosed that they intended to sell the remaining interest in the Company's Permerian Basin assets, though those assets were the Company's highest-margin oil producing assets.
On this news, SandRidge's stock fell precipitously from its November 8, 2012 closing price of $6.10 per share to close at $5.51 per share on November 9, 2012, or 9%, on extremely high volume of more than six times the average daily trading volume over the prior three month period.
Plaintiff seeks to recover damages on behalf of all purchasers of SandRidge securities during the Class Period (the "Class").
The firm is also investigating actions on behalf of shareholders for the following companies: Ameristar Casinos, Inc. (Nasdaq: ASCA), Arbitron Inc. (NYSE: ARB), Bankrate, Inc. (NYSE: RATE), CommonWealth REIT (NYSE: CWH), Duff & Phelps Corporation (NYSE: DUF), Envivio, Inc. (Nasdaq: ENVI), FirstCity Financial Corporation (Nasdaq: FCFC), The Greenbrier Companies, Inc. (NYSE: GBX), Groupon, Inc. (Nasdaq: GRPN), and VeriFone Systems, Inc. (NYSE: PAY).
If you are a shareholder of any of the above companies and wish learn more about any of the investigations or have any questions, please contact Alfred G. Yates Jr., Esquire at 1-800-391-5164, toll free, or at email@example.com by e-mail.
SOURCE Alfred Yates, Esq.