Zamansky & Associates LLC Announces Filing Of Chesapeake Energy Corp Employees` ERISA Class Action Lawsuit

Zamansky & Associates, LLC announced the filing of a class action lawsuit under the Employee Retirement Income Security Act (ERISA) on behalf of all employee and former employee participants in the Chesapeake Energy Corp`s Savings and Incentive Stock Bonus Plan (Plan). The lawsuit was filed in the United States District Court for the Western District of Oklahoma and covers all current and former employees of Chesapeake Energy Cor(Chesapeake or the Company) who purchased or held Company stock in the Plan from July 31, 2008 to the present. Since April 2012, Chesapeake has been the subject of a dozen lawsuits, alleging securities fraud, corporate waste and breach of fiduciary duties owed to shareholders. The lawsuits arise out of revelations about CEO Aubrey McClendon, his perks and compensation, and certain business strategies he pursued to his own benefit and the detriment of the Company. McClendon took $1.1 billion in loans against personal stakes in the Company`s oil and gas wells he obtained under the Founder`s Well Participation Program ("FWPP"). To bail himself out of financial problems, and maximize his own gains, McClendon pursued an aggressive expansion strategy for Chesapeake and piled on enormous debt through off-balance sheet arrangements that were not disclosed on the Company`s balance sheet.