An investigation for current long-term investors in Sanchez Energy Corp (NYSE:SN) over potential breaches of fiduciary duties was announced and NYSE:SN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/18/2012 -- Certain directors and officers of Sanchez Energy Corp are under investigation over potential breaches of fiduciary duties in connection with certain financial statements.
Investors who purchased shares of Sanchez Energy Corp (NYSE:SN) and currently hold any NYSE:SN shares, 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 concerns on whether certain officers and directors at Sanchez Energy Corp breached their fiduciary duties. Specifically, the investigation focuses whether certain statements about Sanchez Energy Corp’ business, its prospects and its operations were potentially materially false and misleading at the time they were made.
Sanchez Energy Corp (NYSE:SN) reported that its annual Revenue rose from $4.55million in 2010 to $14.52million in 2011 and its Net Loss of $2.76million in 2010 turned into a Net Income of $1.97million in 2011.
Shares of Sanchez Energy Corp (NYSE:SN) rose from slightly above $17 in January to as high as almost $25 per share in May 2012.
Then Sanchez Energy recently disclosed that the Company's Board of Directors had approved grants of more than 850,000 shares of Sanchez Energy restricted stock, valued at approximately $14.7 million, to certain family members of the Company's Chairman and CEO, Antonio R. Sanchez, III. The family members, including the CEO's father and brothers, are affiliated with a shareholder of Sanchez Energy that is controlled by the Sanchez family, which owns approximately 64% of the Company's stock through various entities.
NYSE:SN shares fell from over $25 per share on May 31, 2012 to as low as $19.04 per share on Wednesday, June 13, 2012.
NYSE:SN shares closed on Friday, June 15, 2012 at $ per share.
Those who purchased shares of Sanchez Energy Corp (NYSE:SN) and currently hold any NYSE:SN shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego