SAN DIEGO, Dec. 16, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of SandRidge Energy Inc. (SD) over alleged Federal Securities Laws Violations by SandRidge Energy.
If you purchased a significant amount of shares of SandRidge Energy Inc. (NYSE:SD) between February 28, 2013 and November 3, 2014, and / or if you purchased any NYSE:SD shares prior to March 2013 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2015. NYSE:SD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that SandRidge Energy Inc was improperly accounting for penalties owed to Occidental Petroleum under a Treatment Agreement on an annual basis when it was required to do so on a quarterly basis, that SandRidge Energy Inc's quarterly and annual financial and operating results for the periods ending December 31, 2012 through June 30, 2014 were overstated and required restatement, that one defendant engaged in improper related party transactions, that SandRidge Energy Inc lacked proper internal controls over financial reporting, and that as a result of the foregoing, SandRidge Energy Inc's financial statements were materially false and misleading at all relevant times.
On November 4, 2014, SandRidge Energy Inc. announced that as a result of a routine review by the Securities and Exchange Commission ("SEC") of its Annual Report on Form 10-K, it anticipates that its Quarterly Report on Form 10-Q for the third quarter of 2014 will not be filed timely, but, rather, will be completed and filed as soon as possible following the resolution of the SEC's review. SandRidge Energy Inc said that the Audit Committee of its Board of Directors has concluded that the consolidated financial statements for the periods ended December 31, 2012 and 2013 and its unaudited consolidated financial statements for the periods ended March 31, 2013, June 30, 2013, September 30, 2013, March 31, 2014, and June 30, 2014 should no longer be relied upon.
Those who purchased shares of SandRidge Energy Inc. (NYSE:SD) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
