Chesapeake Energy Corporation : Finkelstein Thompson LLP Announces Investigation of Chesapeake Energy Corp.
04/23/2012| 12:25pm US/Eastern
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Finkelstein Thompson LLP is investigating potential claims on behalf of
shareholders of Chesapeake Energy Corp. ("Chesapeake" or the "Company")
(NYSE: CHK). If you are interested in discussing your rights as a
Chesapeake shareholder, or have information relating to this
investigation, please contact Finkelstein Thompson's Washington, DC
offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
On April 18, Reuters reported that the Company's Chief Executive
Officer, Aubrey McClendon, had borrowed up to $1.1 billion against his
personal ownership stakes in wells owned by the Company. Reuters
additionally reported the loans were "used to fund McClendon's operating
costs for an unusual corporate perk that offers him a chance to invest
in a 2.5 percent interest in every well the company drills." The article
went on to observe that experts had stated that the "size and nature of
the loans raise questions about whether McClendon's personal financial
deals could compromise his fiduciary duty to Chesapeake investors," and
that the company had not previously disclosed the loans to shareholders.
On April 19, 2012, the Wall Street Journal reported that the Company's
general counsel had confirmed that the Company's board of directors was
aware of the existence of transactions Mr. McClendon made via entities
he controlled. An article published in the same newspaper the next day
quoted an Argus Research analyst as stating "[w]e believe the best thing
for investors would be to replace the board and/or the CEO."
Finkelstein Thompson LLP has spent over three decades delivering
outstanding representation to institutional and individual clients in
financial litigation, and has been appointed as lead or co-lead counsel
in dozens of shareholder class actions. Indeed, the firm has served in
leadership roles in cases that have recovered over $1 billion for
investors and consumers. To learn more about Finkelstein Thompson LLP,
please visit our web site at www.finkelsteinthompson.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Finkelstein Thompson LLP
L. Kendall Satterfield, 877-337-1050
© Business Wire 2012
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