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
rswilloughby@pomlaw.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.
[Click here to join this class action]
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
Pomerantz LLP
rswilloughby@pomlaw.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-chesapeake-energy-corporation-of-class-action-lawsuit-and-upcoming-deadline--chk-300345222.html
SOURCE Pomerantz LLP