Zeldes & Haeggquist, LLP, a shareholder and consumer rights litigation firm, has commenced an investigation into possible violations of the federal securities laws by certain officers and directors at SandRidge Energy, Inc. (“SandRidge Energy” or the “Company”) between February 24, 2011 and November 8, 2011.
If you purchased shares of SandRidge Energy (NYSE:SD) between February 24, 2011 and November 8, 2011 and would like additional information regarding this investigation, or if you have information regarding the matters under investigation, please contact attorney Amber L. Eck at 619-342-8000 or by email at email@example.com.
SandRidge Energy is headquartered in Oklahoma City, and engages in the exploration, development, and production of oil and gas properties, with a focus on the Mid-Continent (a/k/a “Mississippian formation”) and the Permian Basin. Throughout the Class Period, SandRidge Energy claimed that it had successfully transformed into a primarily high-margin oil producer from a primarily low-margin natural gas producer, and claimed strong business metrics, oil reserves, and forward earnings guidance.
However, on November 8, 2012, a large shareholder issued a letter addressed to the SandRidge Board of Directors calling for CEO Tom Ward’s resignation, citing, among other things, SandRidge’s “disastrous performance” over 76% decline in its stock price since its IPO in 2007, and Ward’s “egregious” compensation of $150 million over the prior five years. And after the close of trading on November 8, SandRidge issued a press release disclosing the Company’s 3Q 2012 financial results. Critically, Defendants reported a loss of $184 million, or 39 cents per share, in the 3Q 2012, compared with a profit of $561 million, or $1.16 per share, in the 3Q 2011.Zeldes & Haeggquist’s investigation concerns whether certain of the Company’s officers and directors violated the federal securities laws by disseminating false and misleading statements concerning the Company’s business and operational status and FY 2012 financial expectations.
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