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Chesapeake Energy Corporation (NYSE: CHK) Investor Securities Class Action Lawsuit 02/25/2009

  • If you purchased shares of Chesapeake Energy Corporation (NYSE: CHK), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Chesapeake Energy Corporation
Security
NYSE: CHK

Case Name
Chesapeake Energy Corporation Shareholder Class Action Lawsuit 02/25/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 8, 2014 - The U.S. Court of Appeals for the Tenth Circuit affirmed the district court's judgment on June 21, 2013.
July 18, 2013 - The lead plaintiff filed a notice of appeal

June 21, 2013 - The court issued a judgment in favor of the defendants.

March 29, 2013 - The court granted the defendant's motion for summary judgment.

December 28, 2011 - The defendants filed a motion for summary judgment.

September 2, 2010 - The court denied the defendants motions to dismiss.

November 16, 2009 - The defendants filed a motions to dismiss.

October 9, 2009 - The case was transferred to the U.S. District Court for the Western District of Oklahoma.

September 11, 2009 - The lead plaintiff filed an amended complaint.

May 28, 2009 - The lead plaintiff and lead counsel were appointed.

April 27, 2009 - Lead plaintiff motions were filed.

February 25, 2009 -An investor in shares of Chesapeake Energy Corporation (NYSE: CHK) filed a lawsuit in the U.S. District Court for the Southern District of New York against Chesapeake Energy Corporation, certain of its officers and directors, and certain underwriters over alleged violations of Federal Securities Laws pursuant to the registration statement and prospectus filed with the Securities and Exchange Commission in connection with Chesapeake Energy Corporation's July 2008 secondary public stock offering.

According to the complaint the plaintiff alleges that Chesapeake Energy Corporation, certain of its officers and directors, and certain underwriters of the secondary public stock offering violated the Securities Act of 1933. According to the complaint, on July 15, 2008, Chesapeake Energy Corporation completed a secondary public offering of 28.75 million shares of common stock at $57.25 per share, receiving approximately $1.65 billion in gross proceeds, with net proceeds of $1.586 billion. The complaint alleges that the registration statement issued in connection with the offering was materially false and misleading because it failed to disclose numerous facts which were required to be stated therein. During late 2008 and early 2009, as these omitted facts were revealed to the market, the price of Chesapeake stock (NYSE: CHK) declined to less than $12 per share, approximately 80% below the Offering price, so the lawsuit.