Kessler Topaz Meltzer & Check, LLP Reminds Camber Energy, Inc. Shareholders of Securities Fraud Class Action Lawsuit
RADNOR, Pa., Nov. 25, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP informs investors that a class action lawsuit has been filed against Camber Energy, Inc. in the U.S. District Court for the Southern District of Texas against Camber Energy, Inc. ( “Camber”) (NYSE: CEI). The lawsuit alleges Camber violating US securities laws, including omissions and fraudulent misrepresentations about the business, operations and prospects of the company. Investors have suffered significant losses as a result of Camber’s materially misleading statements.
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CLICK HERE TO SUBMIT YOUR CAMBER LOSSES
DEADLINE OF THE LEADING APPLICANT: December 28, 2021
CLASS PERIOD: February 18, 2021 to October 4, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or toll free (844) 887-9500 or email at firstname.lastname@example.org
CAMBER’S SPECIFIED FAULT BEHAVIOR
Camber is an independent oil and natural gas company that primarily purchases, 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 signed a definitive merger agreement with Viking to effect the full combination of the two companies (the “Merger”). On February 18, 2021, Camber published a press release regarding the merger, announcing the acquisition of Viking.
The truth came out on May 24, 2021 when Camber announced in a press release that the New York Stock Exchange announced Camber on 10-K for the 9-month period ending December 31, 2020. Among other reasons, Camber was doing his failure to comply with “issues related to. . . Completion of the determination of the fair values of assets and liabilities in connection with [Camber]the acquisition of a controlling interest in Viking. ”Following the news, Camber’s share price fell $ 0.04 per share, or 6.56%, to close at $ 0.57 per share on May 25, 2021.
The story goes on
Then, on October 5, 2021, Kerrisdale Capital shocked the market when it released a report stating, “Camber is a defunct oil producer that has not filed financial reports with the SEC since September 2020 and is next on the line to take its shares off the stock exchange ”. Month and didn’t fire his accounting firm until September. ”Kerrisdale Capital also announced that Cambers“ only real asset is a 73% stake ” [Viking], an OTC-traded company with negative book value and a going concern warning that recently violated maximum leverage on one of its loans. “
Following the 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 can, by December 28, 2021 at the latest, seek to be appointed as lead class agent through Kessler Topaz Meltzer & Check, LLP, or other legal 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 company directly for more information.
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Who can be a lead plaintiff?
A lead plaintiff is a representative party who acts on behalf of each of the class plaintiffs in the conduct of the dispute. The main plaintiff is usually the investor or small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the group, and those attorneys, if approved by the court, are lead or class plaintiffs. Your ability to participate in a recovery will not be affected by whether or not you wish to be the lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts across the country and worldwide. The company has built a worldwide reputation for excellence and reclaimed billions of dollars for victims of corporate 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 companies and trustees. Ultimately, we succeeded if the bad guys pay and you get your wealth back. The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)
A video of this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7eae2e3-cac3-4ea3-a597-ea5f42fe7f47