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.
Attorney Advertising. Past results do not guarantee a similar outcome.
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
Investors valued debt-adjusted growth even more in 2016 The crash in oil prices which started at the end of 2014 exposed a number of oil and gas companies that had sacrificed their balance sheet in the name of growth. Many were left over-levered and forced to sell assets or file for bankruptcy in order to make it through the ensuing[Read More…]
Oil & Gas 360® c/o EnerCom, Inc.
800 18th Street
Denver, CO 80202
Advertise on OAG360
OAG360 has multiple advertising opportunities. Reach your investors/buyers by advertising on the website, eMail campaigns, webcasts and videos.