An investigation for investors in Camber Energy, Inc. (NYSE:CEI) shares over potential securities laws violations by Camber Energy, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 10/21/2021 -- Camber Energy, Inc is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Camber Energy, Inc. (NYSE: CEI), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Camber Energy, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Houston, TAX based Camber Energy, Inc., an independent oil and natural gas company, engages in the acquisition, development, and sale of crude oil, natural gas, and natural gas liquids (NGL) in the Cline shale and upper Wolfberry shale in Glasscock County, Texas.
On October 5, 2021, market analyst Kerrisdale Capital published a report entitled "Camber Energy, Inc. (CEI): What If They Made a Whole Company Out of Red Flags?" The report stated that the Company "has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September." The report alleged that Camber only has one real asset, a 73% stake in an OTC-traded company, Viking Energy Group, Inc., with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans. The report further alleged that the company's "'ESG Clean Energy' technology license is a joke." Finally, the report also alleged that "the most fascinating part of the CEI boondoggle actually has to do with something far more basic: how many shares are there, and why has dilution been spiraling out of control?" and that the "market is badly mistaken about Camber's share count and ignorant of [Camber's] terrifying capital structure," estimating the Company's "fully diluted share count is roughly triple the widely reported number."
Shares of Camber Energy, Inc. (NYSE: CEI) declined from $4.85 per share on September 29, 2021, to $0.86 per share on October 6, 2021.
Those who purchased shares of Camber Energy, Inc. (NYSE: CEI) have certain options and should contact the Shareholders Foundation.
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