March 7, 2016 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Chesapeake Energy Corporation (NYSE:CHK) was announced over potential breaches of fiduciary duties by certain directors at Chesapeake Energy.

The investigation by a law firm concerns whether certain Chesapeake Energy directors breached their fiduciary duties and caused damage to the company and its shareholders.

Chesapeake Energy Corporation reported that its annual Total Revenue declined from over $23.12 billion in 2014 to over $12.76 billion in 2015 and that its Net Income of over $1.91 billion in 2014 declined to as Net loss of over 14.68 billion in 2015. Shares of Chesapeake Energy Corporation (NYSE:CHK) declined from as high as $30.89 per share in June 2014 to as low as $1.50 per share on February 8, 2016.

On March 1, 2016, a federal grand jury charged Chesapeake Energy's Aubrey McClendon, former CEO, on charges of conspiring with an unidentified company to rig the oil and gas prices in Oklahoma. The indictment alleged that McClendon arranged a campaign to keep the oil and gas bid prices down from 2007 to 2012, during his time as CEO and amid a land-leasing boom across the U.S. On March 2, 2016, Aubrey McClendon died in a car accident. On March 4, 2016, Justice Department filed a motion to dismiss its earlier indictment of Aubrey McClendon. The same day it was reported that a class action lawsuit was filed on behalf of royalty owners alleging Chesapeake Energy Corp., Chesapeake Exploration LLC, Sandridge Energy Corporation, and other defendants conspired to rig bids and depress the market for purchases of oil and natural gas leasehold interests and properties containing producing oil and natural gas wells.