NEW YORK, Dec. 04, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Camber Energy, Inc. (“Camber” or the “Company”) (NYSE: CEI) in the United States District Court for the Southern District of Texas on behalf of all persons and entities who purchased or otherwise acquired Camber securities between February 18, 2021 and October 4, 2021, both dates inclusive (the “Class Period”). Investors have until December 28, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Throughout 2021, Camber has failed to timely file required financial statements with the SEC. As a result, financial reporting services such as Yahoo! Finance and Bloomberg were forced to rely on infrequent and outdated updates in SEC filings to estimate the Company’s shares of common stock issued and outstanding. For example, before a recent update by the Company on October 6, 2021, the widely-reported estimate of the Company’s shares of common stock issued and outstanding amounted to 104.2 million, which itself was based on a filing the Company made with the SEC on July 12, 2021. When the Company provided an update on October 6, 2021, it reported 249.6 million shares of stock issued and outstanding, a significantly higher figure.
Throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed 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.
If you purchased or otherwise acquired Camber shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.