Law Offices of Howard G. Smith Announces Investigation of SandRidge Energy, Inc.
Law Offices of Howard G. Smith announces that it is investigating
potential claims on behalf of shareholders of SandRidge Energy, Inc.
(“SandRidge” or the “Company”) (NYSE:SD). The investigation concerns
possible breaches of fiduciary duties by the Company or its fiduciaries.
SandRidge operates as an independent natural gas and oil company and
engages in the exploration, development and production of oil and gas
properties in the United States. The investigation is related to the
Company’s November 8, 2012 press release announcing the Company’s
financial results for the third quarter of 2012 and the Company’s
reported loss of $184 million, or $0.39 per share, compared with a
profit of $561 million, or $1.16 per share, in the third quarter of
2011. The Company-issued press release also disclosed that SandRidge
intended to sell off the remaining interest in the Company’s high
margin, oil-producing Permerian Basin assets. In addition, the
investigation concerns allegations that SandRidge had been overstating
the value of its Mississippian formation assets which, the Company
subsequently acknowledged, consisted of far more low-margin natural gas
deposits than high-margin oil deposits.
If you purchased SandRidge shares prior to June 2008 and still hold
those shares, if you have information or would like to learn more about
these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire, of
Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888)
638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
