LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Camber Energy, Inc. (“Camber” or “the Company”) (NYSE American: CEI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Camber is the subject of a research report published by Kerrisdale Capital on October 5, 2021. The report, titled: “Camber Energy, Inc. (CEI): What If They Made a Whole Company Out of Red Flags?” alleges 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.” According to the report, the Company’s only actual asset, a 73% stake in OTC-traded Viking Energy Group, Inc., is in deep trouble and subject to a going-concern warning. The report makes multiple other allegations about the Company, including that its “‘ESG Clean Energy’ technology license is a joke,” 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.” The report also estimates that the “fully diluted share count is roughly triple the widely reported number.” Based on this news, shares of Camber fell by more than 24% in intraday trading.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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