NEW YORK, Oct. 14, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Chesapeake Energy Corporation ("Chesapeake" or the "Company") (NYSE: CHK) and certain of its officers. The class action, filed in United States District Court, Western District of Oklahoma, and docketed under 16-cv-01150, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Chesapeake securities between February 27, 2015 and September 28, 2016 both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Chesapeake securities during the Class Period, you have until December 5, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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 Company holds interests in natural gas and liquids-rich resource plays across the United States. Chesapeake owns interests in approximately 32,400 oil and natural gas wells.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, 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.
On September 29, 2016, pre-market, Chesapeake announced receipt of a subpoena from the U.S. Department of Justice "seeking information on [the Company's] accounting methodology for the acquisition and classification of oil and gas properties and related matters."
On this news, the Company's stock fell $0.63, or 9.33%, to close at $6.12 on September 29, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby
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SOURCE Pomerantz LLP