Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against SandRidge Energy, Inc. (“SandRidge”) (NYSE: SD). The firms are investigating additional legal claims against the officers and Board of Directors of SandRidge during the period of February 24, 2011 through November 8, 2012 (the “Class Period”).
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
It has been alleged that during the Class Period SandRidge and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to SandRidge’s business and operations in violation of the Securities Exchange Act of 1934. Amongst other things, it is alleged that SandRidge and the other defendants misrepresented and/or failed to disclose that they had grossly overstated the proportion of oil-producing versus natural gas producing assets and that they were going to sell the company’s highest-margin producing assets. In reaction to the company’s disclosure of these facts on November 9, 2012, the price of SandRidge stock fell from $6.10 per share to $5.51 per share, or 9%, which was more than six times the average daily trading volume over the prior three month period.
“Recent revelations about the SandRidge’s alleged false statements and misrepresentations about its business operations have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by SandRidge’s officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of SandRidge stock for all shareholders, including seeking removal of certain officers and directors and monetary payments,” said shareholder rights attorney Patrick Powers.