SAN FRANCISCO, Oct. 03, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Chesapeake Energy Corporation to the firm’s investigation of possible securities law violations related to a recently disclosed U.S. Department of Justice subpoena seeking accounting documents.
If you purchased or otherwise acquired securities of Chesapeake Energy before September 29, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/CHK
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing CHK@hbsslaw.com.
On September 27, 2016, Chesapeake Energy filed its Form 8-K with the SEC announcing the resignation of two members of its Board Audit Committee effective September 26, 2016.
Two days later, on September 29, 2016, the Company filed another Form 8-K announcing in part “we have received a DOJ subpoena seeking information on our accounting methodology for the acquisition and classification of oil and gas properties and related matters.” This news drove the price of Chesapeake shares down over 9% on heavy volume to close at $6.12 per share that day.
“Among other things, we’re investigating the timing of the Audit Committee director departures and whether Chesapeake violated applicable accounting rules,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Chesapeake Energy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CHK@hbsslaw.com.
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