Press release from Business Wire
Finkelstein Thompson LLP Announces Investigation of Chesapeake Energy Corp.
Monday, April 23, 2012
Finkelstein Thompson LLP Announces Investigation of Chesapeake Energy Corp.12:20 EDT Monday, April 23, 2012 WASHINGTON (Business Wire) -- Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Chesapeake Energy Corp. (“Chesapeake” or the “Company”) (NYSE: CHK). If you are interested in discussing your rights as a Chesapeake shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at firstname.lastname@example.org. On April 18, Reuters reported that the Company's Chief Executive Officer, Aubrey McClendon, had borrowed up to $1.1 billion against his personal ownership stakes in wells owned by the Company. Reuters additionally reported the loans were “used to fund McClendon's operating costs for an unusual corporate perk that offers him a chance to invest in a 2.5 percent interest in every well the company drills.” The article went on to observe that experts had stated that the “size and nature of the loans raise questions about whether McClendon's personal financial deals could compromise his fiduciary duty to Chesapeake investors,” and that the company had not previously disclosed the loans to shareholders. On April 19, 2012, the Wall Street Journal reported that the Company's general counsel had confirmed that the Company's board of directors was aware of the existence of transactions Mr. McClendon made via entities he controlled. An article published in the same newspaper the next day quoted an Argus Research analyst as stating “[w]e believe the best thing for investors would be to replace the board and/or the CEO.” Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers. To learn more about Finkelstein Thompson LLP, please visit our web site at www.finkelsteinthompson.com. Attorney advertising. Prior results do not guarantee similar outcomes. Finkelstein Thompson LLPL. Kendall Satterfield, 877-337-1050