RADNOR, Pa.--(BUSINESS WIRE)--$CEI--The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Camber Energy, Inc. (“Camber”) (NYSE: CEI ). The action charges Camber with violations of the federal securities laws, including omissions and fraudulent misrepresentations about the company’s business, operations and prospects. As a result of Camber’s materially misleading statements, investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: December 28, 2021
CLASS PERIOD: February 18, 2021 through October 4, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
CAMBER’S ALLEGED MISCONDUCT
Camber is an independent oil and natural gas company that mainly acquires, develops, and sells crude oil, natural gas, and natural gas liquids. Between December 2020, and February 18 2021, Camber acquired a controlling interest in Viking Energy Group, Inc. (“Viking”) and executed a definitive merger agreement with Viking to effect the full combination of the two entities (the “Merger”). On February 18, 2021, Camber issued a press release regarding the Merger and touted the acquisition of Viking.
The truth began to emerge on May 24, 2021 when Camber revealed in a press release that on May 21, 2021, the New York Stock Exchange had notified Camber that it was not in compliance with its continued listing standards because Camber failed to file its Form 10-K for the 9-month period ended December 31, 2020. Along with other reasons, Camber blamed its lack of compliance on “issues that have arisen in connection with . . . finalizing the determination of the fair values of both assets and liabilities associated with [Camber]’s acquisition of a controlling interest in Viking.” Following this news, Camber’s stock price declined by $0.04 per share, or 6.56%, to close at $0.57 per share on May 25, 2021.
Then, on October 5, 2021, Kerrisdale Capital shocked the market when it released a report stating that “Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September.” Kerrisdale Capital also revealed that Camber’s “only real asset is a 73% stake in [Viking], an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans.”
Following this news, Camber’s stock price fell $1.56 per share, or 50.49%, to close at $1.53 per share on October 5, 2021.
WHAT CAN I DO?
Camber investors may, no later than December 28, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Camber investors who have suffered significant losses to contact the firm directly to acquire more information.
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WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Contacts
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.com
