This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Zeldes & Haeggquist, LLP Announces Investigation Of Securities Class Action Against SandRidge Energy

Stocks in this article: SD

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 ambere@zhlaw.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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs