SAN DIEGO, CA / ACCESSWIRE / November 4, 2021 / The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of securities of Camber Energy, Inc. (NYSE: CEI) between February 18, 2021 and October 4, 2021 inclusive (the “Class Period”) have until December 28, 2021 to solicit appointment as principal applicant in Coggins v. Camber Energy, Inc., No. 21-cv-03574 (SD Tex.). Started October 29, 2021, Camber energy The class action accuses Camber Energy and some of its senior executives of violations of the Securities Exchange Act of 1934.
If you wish to serve as the principal applicant of the Camber energy class action lawsuit in securities, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected]. The principal applicant’s requests for the Camber energy the class action lawsuit in securities must be filed in court no later than December 28, 2021.
CASE ALLEGATIONS: In December 2020, Camber Energy acquired a controlling interest in Viking Energy Group, Inc., a purported independent exploration and production company. Then, in February 2021, Camber Energy signed a definitive merger agreement with Viking to achieve the full combination of the two entities.
As alleged by the Camber energy class action lawsuit, throughout 2021, Camber Energy failed to timely file the required financial statements with the United States Securities and Exchange Commission (“SEC”). Therefore, financial information services such as Yahoo! Finance and Bloomberg were forced to rely on infrequent and outdated updates to SEC filings to estimate the issued and outstanding common shares of Camber Energy. When Camber Energy provided an update on October 6, 2021, it reported 249.6 million shares issued and outstanding, a significantly higher figure.
The Camber energy The Class Action further alleges that, throughout the Class Period, the Defendants made false and misleading representations and failed to disclose that: (i) Camber Energy overstated the financial and business prospects of Viking as well as of the combined company after the merger; (ii) Camber Energy failed to inform investors and / or downplay that its acquisition of a controlling stake in Viking would exacerbate Camber Energy’s overdue financial statements and its New York Stock Exchange listing obligations ( “NYSE”); (iii) an institutional investor was diluting Camber Energy shares at a significant rate following Camber Energy’s update of July 12, 2021 regarding the number of its issued and outstanding common shares; and (iv) accordingly, Camber Energy’s public statements were materially false and misleading at all material times.
On May 24, 2021, Viking announced that Camber Energy’s first quarter ended March 31, 2021 with earnings per share (“EPS”) of $ -0.13 under generally accepted accounting principles (“GAAP”), versus EPS. GAAP of $ 1.39 in the same quarter. the previous year, which is a decrease of 109.35% year-over-year (“Y / Y”), and first quarter revenues of $ 10.49 million, compared to revenues of $ 11.79 million for the same quarter of the previous year, which is an 11% Y / Y decrease. Later that day, Camber Energy revealed that on May 21, 2021, the NYSE notified Camber Energy that it was not in compliance with the NYSE continuous listing standards due, among other things, to ” problems that arose in connection with. . . . finalize the determination of the fair values of the assets and liabilities associated with the acquisition by the Company of a majority interest in Viking. . . in December 2020. “Following this news, Camber Energy’s share price fell.
Then, on August 16, 2021, Viking released financial and operating results for the quarter ended June 30, 2021, revealing, among 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. [Viking]The subsidiary of Elysium Energy, LLC, and other parties to the term loan agreement, are in default of meeting the maximum leverage ratio provided for in the term loan agreement as of June 30, 2021.%.
Finally, on October 5, 2021, Kerrisdale Capital released a report alleging, among other things, that “the market is seriously mistaken about the number of Camber shares and ignores [Camber’s] terrifying capital structure “, estimating that” the number of fully diluted shares of Camber Energy is about three times the widely reported number “.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased securities of Camber Energy during the Recourse Period to seek appointment as principal plaintiff in the Camber energy class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering Camber energy class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. Camber energy class action lawsuit. The ability of an investor to participate in any potential future recovery of the Camber energy the class action does not depend on the function of principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
THE SOURCE: Robbins Geller Rudman & Dowd LLP
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