SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Chesapeake Energy Corporation (CHK; CHKDG) and Lead Plaintiff Deadline: December 5, 2016
NEW YORK, Oct. 10, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Chesapeake Energy Corp. ("Chesapeake" or the "Company") (NYSE: CHK; CHKDG) and certain of its officers, on behalf of shareholders who purchased Chesapeake securities from February 27, 2015 and September 28, 2016, 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").
The complaint alleges that throughout the Class Period, defendants issued false and misleading statements and/or failed to disclose that Chesapeake had improperly accounted for the acquisition and classification of oil and gas properties and that it lacked effective internal financial controls. In its filings with the Securities and Exchange Commission, Chesapeake noted that it "follows the full cost method of accounting under which all costs associated with oil and natural gas property acquisition, drilling and completion activities are capitalized." On September 29, 2016, Chesapeake revealed that they received a subpoena from the U.S. Department of Justice, specifically asking for the Company's accounting methodology for the acquisition and classification of oil and gas properties. Following this news, Chesapeake stock dropped as much as $0.69 per share, or 10.22%, to $6.06 during intraday trading on September 29, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/chk or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Chesapeake you have until December 5, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC
