Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Camber Energy, Inc. (CEI) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Camber Energy, Inc. (“Camber” or the “Company”) (NYSE: CEI) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Camber investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/camber-energy-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
In February 2021, Camber completed a business combination with Viking Energy Group, Inc. (“Viking”).
On May 24, 2021, Camber revealed that the New York Stock Exchange had notified Camber that it was not in compliance with its continued listing standards because, among other things, “issues that have arisen in connection with . . . finalizing the determination of the fair values of both assets and liabilities associated with [Camber]’s acquisition of a controlling interest in Viking.”
On this news, Camber’s stock price declined by $0.04 per share, or 9%, to close at $0.57 per share on May 25, 2021.
Then, on August 16, 2021, Viking filed its quarterly report for second quarter 2021 reporting a net loss of $9.85 million net loss and stating that its subsidiary, Elysium Energy, LLC, and other parties to a term loan agreement “are in default of the maximum leverage ratio covenant.”
On this news, the Company’s stock price fell $0.03, or 7%, to close at $0.37 per share on August 17, 2021, thereby injuring investors further.
Then, on October 5, 2021, Kerrisdale Capital released a report alleging, among other things, that the “market is badly mistaken about Camber’s share count and ignorant of [Camber’s] terrifying capital structure,” estimating the Company’s “fully diluted share count is roughly triple the widely reported number.”
On this news, Camber’s stock price fell $1.56 per share, or 50%, to close at $1.53 per share on October 5, 2021, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding Camber should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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