Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Camber Energy To Contact Him Directly To Discuss Their Options
NEW YORK - (NewMediaWire) - December 8, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Camber Energy, Inc. (“Camber Energy” or the “Company”) (NYSE: CEI) and reminds investors of the December 28, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Camber Energy stock or options between February 18, 2021 and October 4, 2021 and would like to discuss your legal rights, Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/CEI.
There is no cost or obligation to you.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Camber overstated the financial and business prospects of Viking as well as the combined company post- Merger; (ii) Camber failed to apprise investors of, and/or downplayed, the fact that its acquisition of a controlling interest in Viking would exacerbate the Company’s delinquent financial statements and listing obligations with the NYSE; (iii) an institutional investor was diluting Camber’s shares at a significant rate following the Company’s July 12, 2021 update regarding the number of its shares of common stock issued and outstanding; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 24, 2021, Viking filed a quarterly report on Form 10-Q with the SEC, reporting the Company’s financial and operating results for the quarter ended March 31, 2021. That quarterly report disclosed, among other results, first quarter earnings per share (“EPS”) of - $0.13 under generally accepted accounting principles (“GAAP”), compared to GAAP EPS of $1.39 in the same quarter the year prior, representing an 109.35% decrease year-over-year (“Y/Y”), and first quarter revenue of $10.49 million, compared to revenue of $11.79 million in the same quarter the year prior, representing an 11% decrease Y/Y.
Later that day, Camber issued a press release disclosing that, on May 21, 2021, the NYSE had notified the Company that it was not in compliance with the NYSE’s continued listing standards because of, inter alia, “issues that have arisen in connection with . . . finalizing the determination of the fair values of both assets and liabilities associated with the Company’s acquisition of a controlling interest in Viking . . . in December of 2020[.]”
Following Viking’s reported first quarter 2021 results, Camber’s stock price fell $0.02 per share, or 3.17%, to close at $0.61 per share on May 24, 2021. Camber’s stock price continued to decline by an additional $0.04 per share, or 6.56%, to close at $0.57 per share the following day as the market continued to digest Viking’s first quarter 2021 results, as well as Camber’s non-compliance notice from the NYSE.
Then, on August 16, 2021, Viking filed a quarterly report on Form 10-Q with the SEC, reporting its financial and operating results for the quarter ended June 30, 2021. That quarterly report disclosed, among other results, a net loss of $9.85 million for the quarter, and that, “[a]s of June 30, 2021, [Viking] has a stockholders’ deficit of $15,054,324 and total long-term debt of $95,961,611.”
On this news, Camber’s stock price fell $0.03 per share, or 6.98%, to close at $0.57 per share on May 25, 2021.
Finally, on October 5, 2021, Kerrisdale Capital (“Kerrisdale”) released a report (the “Kerrisdale Report”) alleging, among other issues revealed in earlier disclosures, 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 50.49%, to close at $1.53 per share on October 5, 2021.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Camber’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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