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Case Status:    DISMISSED    
On or around 07/29/2015 (Court's order of dismissal)

Filing Date: November 10, 2014

According to the law firm press release, SandRidge, together with its subsidiaries, explores and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. As of December 31, 2013, the Company had 4,388 gross producing wells; approximately 3,624,000 gross total acres under lease; and 30 rigs drilling in the Mid-Continent, as well as estimated proved reserves of 433.4 million barrels of oil equivalent.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) SandRidge was improperly accounting for penalties owed to Occidental Petroleum Corp. ("Occidental") under a Treatment Agreement on an annual basis when it was required to do so on a quarterly basis; (2) SandRidge's quarterly and annual financial and operating results for the periods ending December 31, 2012 through June 30, 2014 were overstated and required restatement; (3) defendant engaged in improper related party transactions; (4) SandRidge lacked proper internal controls over financial reporting; and (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On November 4, 2014, the Company filed a Form 8-K with the SEC, announcing that its previously issued financial statements should no longer be relied upon because the Company was improperly accounting for penalties under the Treating Agreement with Occidental.

On this news, shares of SandRidge declined $0.25 per share, nearly 6.5%, to close on November 4, 2014, at $3.56 per share, on unusually heavy volume.

This case was dismissed on July 29, 2015.


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


Ticker Symbol: SD
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 #: 14-CV-01252
JUDGE: Hon. Timothy D. DeGiusti
DATE FILED: 11/10/2014
CLASS PERIOD END: 11/04/2014
  1. Rubenstein & Pitts, PLLC
  2. The Rosen Law Firm P.A. (New York)
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