Robbins Arroyo LLP: SandRidge Energy, Inc. (SD) Misled Shareholders According to a Recently Filed Class Action
SAN DIEGO and OKLAHOMA CITY, Nov. 14, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of SandRidge Energy, Inc. (NYSE:SD) has filed a federal securities fraud class action complaint in the U.S. District Court for the Western District of Oklahoma. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between March 1, 2013 and November 4, 2014. SandRidge specializes in the exploration and production of oil and natural gas.
SandRidge Is Accused of Weak Financial Controls and Misrepresenting Its Operations and Financial Performance
According to the complaint, shares of SandRidge declined $0.25, or over 6%, to close at $3.56 per share on November 4, 2014, after the company announced that not only would its third quarter 2014 financial results be delayed, but that investors could no longer rely on financial statements for the years ending 2012 and 2013 and the first two quarters of 2014. This announcement was made as the result of a U.S. Securities and Exchange Commission investigation that revealed the company had been improperly accounting for under-delivery penalties in its treating agreement with Occidental Petroleum Corporation. Specifically, rather than accounting for the penalties quarterly, the proper method according to the SEC, SandRidge had been accounting for the penalties on an annual basis.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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CONTACT: Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
(619) 525-3990 or Toll Free (800) 350-6003
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