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Case Status:    DISMISSED    
On or around 03/03/2000 (Date of order of final judgment)

Filing Date: August 21, 1997

As reported by the firm's 10-K filing dated March 30, 2000, on March 3, 2000, the U.S. District Court for the Western District of Oklahoma dismissed a consolidated class action complaint styled In re Chesapeake Energy Corporation Securities Litigation. The complaint, which consolidated twelve purported class action suits filed in August and September 1997, alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Company and certain of its officers and directors. The action was brought on behalf of purchasers of the Company's common stock and common stock options between January 25, 1996 and June 27, 1997. The complaint alleged that the defendants made material misrepresentations and failed to disclose material facts about the Company's exploration and drilling activities
in the Louisiana Trend. The Court ruled that Chesapeake had disclosed the
precise risks of its Louisiana Trend activities.

According to the original complaint, the company promoted its development of the reserves of the Louisiana Austin Chalk Trend (which includes areas outside of Masters Creek). The complaint alleged that defendants failed to disclose that the drilling success rate achieved for the entire Louisiana Austin Chalk Trend did not reflect the results that could reasonably be achieved in the area outside of Masters Creek. Chesapeake is also alleged to have falsely represented its potential for expanding operations in the Louisiana Austin Chalk Trend. The complaint alleged that while the stock was artificially inflated by these statements, certain individual defendants disposed of substantial quantities of Chesapeake common stock while in possession of material adverse information.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CHK
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Oklahoma
DOCKET #: 97-CV-1360
JUDGE: Hon. Tim Leonard
DATE FILED: 08/21/1997
CLASS PERIOD START: 01/25/1996
CLASS PERIOD END: 06/27/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hinkle & Smith
    4815 S. Harvard Ave; Suite 385, Hinkle & Smith, OK 74135-3077
    918-747-1400 ·
  2. Plotkin, Jacobs & Orlosfsky, Ltd.

    ·
No Document Title Filing Date
COURT: W.D. Oklahoma
DOCKET #: 97-CV-1360
JUDGE: Hon. Tim Leonard
DATE FILED: 01/13/1998
CLASS PERIOD START: 01/25/1996
CLASS PERIOD END: 06/27/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hinkle & Smith
    4815 S. Harvard Ave; Suite 385, Hinkle & Smith, OK 74135-3077
    918-747-1400 ·
  2. Plotkin, Jacobs & Orlosfsky, Ltd.

    ·
No Document Title Filing Date
No Document Title Filing Date