Brower Piven Announces the Filing of a Class Action Lawsuit Against Chesapeake Energy Corporation Expanding the Class Period to Include April 30, 2009 Through May 10, 2012 and Encourages Investors Who Have Substantial Financial Losses From Investment in C
Published on Tuesday, 12 June 2012 16:45 Written by TradersHuddle Staff
STEVENSON, Md., June 12, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Oklahoma on behalf of purchasers of the common stock of Chesapeake Energy Corporation ("Chesapeake" or the "Company") (NYSE:CHK) during the period between April 30, 2009 and May 10, 2012, inclusive (the "Class Period"). The Company is headquartered (or incorporated) in Maryland. Brower Piven is the only firm headquartered in Maryland with a practice dedicated primarily to shareholder class action litigation.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 25, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Defendant Aubrey K. McClendon leveraged all of his Founders Well Participation Program interests in order to pay up front development costs by not only securing loans on his ownership interests in the wells, but also selling off revenue "participation rights" in the wells and secured a personal loan in excess of $500 million from EIG Global Energy Partners, a hedge fund that engaged in financing transactions with Chesapeake. According to the complaint, these previously undisclosed details were widely disclosed by investigative reports published by Reuters and The Wall Street Journal. As a result, the value of Chesapeake shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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