NEW YORK, Oct. 10, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against
Chesapeake Energy Corporation ("Chesapeake" or the "Company")
(NYSE: CHK; CHKDG) and certain of its officers, on behalf of
shareholders who purchased Chesapeake securities from
February 27, 2015 and September 28, 2016, inclusive (the "Class
Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges that throughout the Class Period,
defendants issued false and misleading statements and/or failed to
disclose that Chesapeake had improperly accounted for the
acquisition and classification of oil and gas properties and that
it lacked effective internal financial controls. In its filings
with the Securities and Exchange Commission, Chesapeake noted that
it "follows the full cost method of accounting under which all
costs associated with oil and natural gas property acquisition,
drilling and completion activities are capitalized." On
September 29, 2016, Chesapeake
revealed that they received a subpoena from the U.S. Department of
Justice, specifically asking for the Company's accounting
methodology for the acquisition and classification of oil and gas
properties. Following this news, Chesapeake stock dropped as
much as $0.69 per share, or 10.22%,
to $6.06 during intraday trading on
September 29, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/chk or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in Chesapeake you have until December 5, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael
Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC