James (Josh) Wilson, Securities Litigation Partner, encourages investors who have suffered losses exceeding $ 50,000 in camber energy to contact him directly to discuss their options
New York, New York – (Newsfile Corp. – November 28, 2021) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Camber Energy, Inc. (“Camber Energy” or the “Company”) (NYSE American: CEI) and reminds investors of the December 28, 2021 deadline to apply as lead plaintiff in a federal securities class action lawsuit that has been filed against the Company.
If you suffered losses greater than $ 50,000 while investing in Camber Energy stocks or options between February 18, 2021 and October 4, 2021 and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly To 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/CEI.
There is no cost or obligation for you.
Faruqi & Faruqi is a leading national minority and women-owned securities law firm, with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its officers violated federal securities laws by making false and / or misleading statements and / or failing to disclose that: (1 ) Camber overstated the financial and business prospects of Viking and the combined companies after the merger; (ii) Camber has failed to inform investors and / or downplay that its acquisition of a controlling interest in Viking would exacerbate the Company’s overdue financial statements and its NYSE listing requirements; (iii) an institutional investor was diluting Camber’s shares at a significant rate following the Company’s update of July 12, 2021 regarding the number of its issued and outstanding ordinary shares; and (iv) accordingly, the Company’s public statements were materially false and misleading at all material times.
On May 24, 2021, Viking filed a quarterly report on Form 10-Q with the SEC, setting out the financial and operating results of the company for the quarter ended March 31, 2021. This quarterly report disclosed, between Other results, first quarter earnings per share (“EPS”) of – $ 0.13 under generally accepted accounting principles (“GAAP”), compared to GAAP EPS of $ 1.39 in the same quarter of year-over-year (“Y / Y”) decrease of 109.35%, and first quarter revenue of $ 10.49 million, compared to a revenue of $ 11.79 million in the same quarter of the previous year, representing an 11% year-over-year decline.
Later that day, Camber issued a press release revealing that on May 21, 2021, the NYSE informed the Company that it was not in compliance with NYSE continuous listing standards due to, among other things , from “problems that arose in connection with. . . finalize the determination of the fair value of the assets and liabilities associated with the acquisition by the Company of a controlling interest in Viking. . . in December 2020[.]”
Following Viking’s results released for the first quarter of 2021, Camber’s share price fell $ 0.02 per share, or 3.17%, to close at $ 0.61 per share on May 24. 2021. Camber’s share price continued to decline an additional $ 0.04 per share, or 6.56%, to close at $ 0.57 per share the next day as the market continued to digest the results. Viking for Q1 2021, as well as Camber’s notice of non-compliance from the NYSE.
Then, on August 16, 2021, Viking filed a quarterly report on Form 10-Q with the SEC, outlining its financial and operating results for the quarter ended June 30, 2021. This quarterly report revealed, between other results, a net loss of $ 9.85 million for the quarter, and that, “[a]s of June 30, 2021, [Viking] has a shareholder deficit of $ 15,054,324 and total long-term debt of $ 95,961,611. “
On this news, Camber’s share price fell $ 0.03 per share, or 6.98%, to close at $ 0.57 per share on May 25, 2021.
Finally, on October 5, 2021, Kerrisdale Capital (“Kerrisdale”) released a report (the “Kerrisdale Report”) alleging, among other issues revealed in previous disclosures, that “the market is sorely mistaken about the number of shares of Camber and ignore [Camber’s] terrifying capital structure “, estimating that” the number of fully diluted shares of the company is about three times the widely reported number “.
Following this news, Camber’s share price fell $ 1.56 per share, or 50.49%, to close at $ 1.53 per share on October 5, 2021.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the remedy sought by the group that is adequate and typical of the members of the group that is directing and overseeing the litigation on behalf of the putative group. Any putative class member can propose to the court to serve as lead plaintiff through any lawyer they choose, or they can choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Camber’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
Lawyer advertising. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated confidentially.
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