NEW YORK, Nov. 12, 2014 (GLOBE NEWSWIRE) — Pomerantz LLP has filed a class action lawsuit against SandRidge Energy, Inc. (“SandRidge” or the “Company”) (NYSE:SD) and certain of its officers. The class action, filed in United States District Court, Western District of Oklahoma, and docketed under 14-cv-01256, is on behalf of a class consisting of all persons or entities who purchased SandRidge securities between February 28, 2013 and November 3, 2014, 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”).
If you are a shareholder who purchased SandRidge securities during the Class Period, you have until January 12, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
SandRidge, together with its subsidiaries, explores and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. As of December 31, 2013, the Company had 4,388 gross producing wells; approximately 3,624,000 gross total acres under lease; and 30 rigs drilling in the Mid-Continent, as well as estimated proved reserves of 433.4 million barrels of oil equivalent.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) SandRidge was improperly accounting for penalties owed to Occidental Petroleum Corp. (“Occidental”) under a Treatment Agreement on an annual basis when it was required to do so on a quarterly basis; (2) SandRidge’s quarterly and annual financial and operating results for the periods ending December 31, 2012 through June 30, 2014 were overstated and required restatement; (3) defendant Ward engaged in improper related party transactions; (4) SandRidge lacked proper internal controls over financial reporting; and (5) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On November 4, 2014, the Company filed a Form 8-K with the SEC, announcing that its previously issued financial statements should no longer be relied upon because the Company was improperly accounting for penalties under the Treating Agreement with Occidental.
On this news, shares of SandRidge declined $0.25 per share, nearly 6.5%, to close on November 4, 2014, at $3.56 per share, on unusually heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]