Chesapeake Energy Corporation : Hagens Berman Reminds Chesapeake Energy Corporation Investors of June 25, 2012 Lead Plaintiff Deadline, Class Period Expanded
06/08/2012| 12:50pm US/Eastern
Hagens Berman Sobol Shapiro LLP, reminds investors with significant
losses in Chesapeake Energy Corporation ("Chesapeake") (NYSE:CHK) who
wish to move the Court to be a lead plaintiff, that the deadline for so
moving is June 25, 2012. In addition, a recently filed complaint has
expanded the class period to cover the losses of those who purchased
stock between April 30, 2009 and May 10, 2012.
Investors who purchased or otherwise acquired shares of Chesapeake
common stock between April 30, 2009, and May 10, 2012 (the "class
period"), and who suffered significant losses are encouraged to contact
Hagens Berman Partner Reed
Kathrein by calling (510) 725-3000. Mr. Kathrein is leading Hagens
Berman's investigation. Investors may also contact the firm via email at CHK@hbsslaw.com.
More information is available at http://hb-securities.com/investigations/Chesapeake-Energy-Corporation.
The class actions filed against Chesapeake Energy Corporation
("Chesapeake") (NYSE:CHK) allege that Chesapeake failed to disclose that
its CEO, Aubrey McClendon, had taken out more than $1 billion in loans
from Chesapeake's vendors in order to finance personal interests in
wells co-owned by Chesapeake. Chesapeake's stock has dropped over 50%
over the last year, and since the disclosure of these and other facts,
has dropped from its April 17, 2012 close at $19.12 to close on May 11,
2012 at $14.81. Mr. McClendon is a defendant, as well as the company,
members of executive management, and the board of directors.
The deadline to move to be a lead plaintiff is June 25, 2012. 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.
"Investors are understandably troubled that McClendon's non-recourse
loans created a conflict of interest and a personal benefit that may
have clouded his judgment and reduced his own personal risk," said Mr.
Kathrein. "We believe that these undisclosed conflicts impeded Mr.
McClendon's judgment and have resulted in management decisions which
have had an adverse impact on Chesapeake's business and risk profile."
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law
firm with offices in 10 cities. The firm represents whistleblowers,
workers and consumers in complex litigation. More about the law firm and
its successes can be found at www.hbsslaw.com.
The firm's securities law blog is at www.meaningfuldisclosure.com.
Hagens Berman Sobol & Sharpiro LLP
R, Kathrein, Esquire
Firmani + Associates
© Business Wire 2012