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Case Status:    DISMISSED    
On or around 03/03/2017 (Notice of voluntarily dismissal)

Filing Date: October 04, 2016

According to the law firm press release, Chesapeake engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States. The Company holds interests in natural gas and liquids-rich resource plays across the United States. Chesapeake owns interests in approximately 32,400 oil and natural gas wells.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Chesapeake had improperly accounted for the acquisition and classification of oil and gas properties; (ii) Chesapeake lacked effective internal financial controls; and (iii) as a result of the foregoing, Chesapeake’s public statements were materially false and misleading at all relevant times.

On September 29, 2016, pre-market, Chesapeake announced receipt of a subpoena from the U.S. Department of Justice “seeking information on [the Company’s] accounting methodology for the acquisition and classification of oil and gas properties and related matters.”

On this news, the Company’s stock fell $0.63, or 9.33%, to close at $6.12 on September 29, 2016.

This case was voluntarily dismissed on March 3, 2017.


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


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 #: 16-CV-01150
JUDGE: Hon. David L. Russell
DATE FILED: 10/04/2016
CLASS PERIOD END: 09/28/2016
  1. Federman & Sherwood (Oklahoma City)
  2. Pomerantz LLP (New York)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available