An investigation on behalf of investors of Chesapeake Energy Senior Notes Feb. 16, 2012 over possible securities laws violations was announced and Chesapeake Energy Senior Notes Feb. 16, 2012 stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/23/2012 -- An investigation on behalf of investors in Chesapeake Energy 6.775% Senior Notes over potential securities laws violations in connection with certain financial statements was announced.
Investors who purchased 6.775% Senior Notes Chesapeake Energy Corporation in Feb 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of Chesapeake Energy Corporation 6.775% Senior Notes in Feb 2012 concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements in the February 2012 offering of the 6.775% Senior Notes were potentially materially false and misleading at the time they were made.
On February 13, 2012, Chesapeake Energy commenced a public offering of senior notes due March 15, 2019.
Chesapeake Energy Corporation said that on February 16, 2012, the company issued $1.3 billion of 6.775% Senior Notes due 2019 in a registered public offering. Chesapeake Energy said the senior notes were priced at 98.75% of par to yield 7% and it used the net proceeds of $1.261 billion from the offering to repay indebtedness outstanding under our corporate revolving bank credit facility.
On March 5, 2012, Chesapeake Energy completed the public offering of 6.775% senior notes, due March 15, 2019.
Chesapeake Energy Corporation has become under scrutiny recently due to loans taken by its CEO Aubrey McClendon.
Following a media report on April 18, 2012, concerning potential conflicts of interest created by personal loans to Chesapeake Energy’s chief executive officer, Aubrey McClendon, several investors filed lawsuits. One lawsuit was filed again Chesapeake Energy Corporation over alleged securities laws violations and several current stockholders filed lawsuits against directors of Chesapeake Energy Corporation over alleged breaches of fiduciary duties.
According to the article, during the past three years Chesapeake Energy’s CEO borrowed approximately $1.1 billion by pledging his personal stake in Chesapeake Energy's oil and natural gas wells as collateral for the loans, which were made through three companies controlled by McClendon that list Chesapeake Energy’s headquarters as their address.
On May 1, 2012, Chesapeake Energy Corporation announced that its board of directors and its CEO agreed to an early termination of the company's Founder Well Participation Program and on May. 3, 2012, Chesapeake Energy Corporation confirmed that the company and its Chairman and CEO have been notified by the Securities and Exchange Commission that its Fort Worth Regional Office has commenced an informal inquiry and requested that the company and Mr. McClendon retain certain documents.
NYSE:CHK shares fell from over $25 per share in March 2012 to as low as $14.34 on May 15, 2012.
On May 22, 2012, NYSE:CHK shares closed at $14.92 per share.
Those who purchased 6.775% Senior Notes from Chesapeake Energy Corporation in Feb 2012, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Copyright © 2005-2013 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-593-5640 (International)