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Grant & Eisenhofer Issues Notice Of Shareholder Class Action Against Chesapeake Energy Corp

Wednesday, 6 Jun 2012 02:55pm EDT 

Grant & Eisenhofer P.A. announced that it has filed a class action lawsuit asserting claims under the Securities Exchange Act of 1934 on behalf of those who purchased or otherwise acquired shares of Chesapeake Energy Corp. between and including April 30, 2009 and May 10, 2012. This Complaint extends the class period beyond the April 17, 2012 end date alleged in the initial class action complaint filed against Chesapeake on April 26, 2012, styled as Dvora Weinstein and Steven S. Weinstein v. Aubrey K. McClendon and Chesapeake Energy Corp., Case No. Civ-12-465-W (W.D.Ok.). The deadline for class members to move to serve as lead plaintiff is June 25, 2012. The Complaint alleges that Chesapeake's Chief Executive Officer, Aubrey K. McClendon, obtained over a billion dollars of Company assets pursuant to the Company's Founders Well Participation Program and borrowed over $1.5 billion dollars against his well interests, presenting material risks to the Company that were not disclosed. In addition to McClendon, the Complaint names as defendants other individuals—members of the Company's Board of Directors and Senior Executives—who compounded the fraud by failing to stop and concealing McClendon's improper activities. Beginning April 18, 2012, Defendants' alleged fraud was revealed to the market in a series of investigative reports published by Reuters, the Wall Street Journal and other news media. 

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23 Apr 2014