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Chesapeake Energy Corporation Class Action Lawsuit Over DOJ Charges

SAN FRANCISCO, Oct. 07, 2016 (GLOBE NEWSWIRE) — Hagens Berman Sobol Shapiro LLP alerts investors in Chesapeake Energy Corporation (NYSE:CHK) to the December 5, 2016 Lead Plaintiff deadline in the securities class action filed in the United States District Court for the Western District of Oklahoma.

Chesapeake Energy

Chesapeake Energy

If you purchased or otherwise acquired securities of CHK between February 27, 2015 and September 28, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP.  For more information visit: https://www.hbsslaw.com/cases/CHK or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing CHK@hbsslaw.com.

On September 27, 2016, Chesapeake Energy filed its Form 8-K with the SEC announcing the resignation of two members of its Board Audit Committee effective September 26, 2016.

Two days later, on September 29, 2016, the Company filed another Form 8-K announcing in part “we have received a DOJ subpoena seeking information on our accounting methodology for the acquisition and classification of oil and gas properties and related matters.”  This news drove the price of Chesapeake shares down over 9% on heavy volume to close at $6.12 per share that day.

“Among other things, we’re focused on the timing of the Audit Committee director departures and whether Chesapeake improperly accounted for costs associated with oil and natural gas property acquisition, drilling and completion activities,” said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding Chesapeake Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CHK@hbsslaw.com.


About Hagens Berman

Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000

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