INVESTOR ALERT: Class Action Lawsuit Against SandRidge Energy, Inc. Announced by Law Offices of Howard G. Smith
December 17 2014 - 12:32PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Western District of Oklahoma on behalf of purchasers of the
securities of SandRidge Energy, Inc. (“SandRidge” or the “Company”)
(NYSE:SD) between March 1, 2013 and November 4, 2014, inclusive
(the “Class Period”).
SandRidge, together with its subsidiaries, is engaged in the
exploration and production of oil and natural gas properties
primarily in the Mid-Continent region of the United States. The
Complaint alleges that defendants issued materially false and
misleading statements concerning the Company’s operations and
financial performance.
On November 4, 2014, SandRidge disclosed that the Division of
Corporation Finance of the Securities and Exchange Commission
requested that the Company reassess how it accrues liability for
certain annual penalty fees related to the Company’s 30-year
agreement with Occidental Petroleum Corporation for the delivery of
CO2 to Occidental and the removal of CO2 from the Company’s
delivered natural gas production. As a result, the Audit Committee
of the Company’s board of directors has concluded that the
consolidated financial statements included in its annual reports on
Form 10-K and certain quarterly reports filed for periods ended
December 31, 2012, March 31, 2013, June 30, 2013, September 30,
2013, December 31, 2013, March 31, 2014 and June 30, 2014, cannot
be relied upon.
If you are a member of the Class described above, you have until
January 12, 2015, to move the Court to serve as lead plaintiff, if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com