LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC (the “Firm”) announces the filing of a class action lawsuit against Chesapeake Energy Corporation (“Chesapeake” or the “Company”) (NYSE: CHK; CHKDG) concerning possible violations of federal securities laws between February 27, 2015 and September 28, 2016 (the “Class Period”). Investors, who purchased or otherwise acquired shares during the Class Period, should contact the Firm prior to the December 5, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, Chesapeake issued false and misleading statements and/or failed to disclose it 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 U.S. 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 announced that it received a subpoena from the U.S. Department of Justice seeking information on its accounting methods for the acquisition and classification of oil and gas properties. When this information was disclosed, shares of Chesapeake dropped in value, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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