BOULDER, Colo. -- (Business Wire)
Shuman Law Firm announces that it is investigating potential claims
against certain officers and directors of SandRidge Energy, Inc.
(“SandRidge” or the “Company”) (NYSE: SD).
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 firm’s investigation relates 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. Following the
disclosure of this news, SandRidge stock dropped from its November 8,
2012 closing price of $6.10 per share to close at $5.51 per share on
November 9, 2012 on high trading volume.
If you currently own SandRidge common stock and are interested in
discussing your rights as a shareholder, or have information relating to
this investigation, please contact Kip B. Shuman or Rusty E. Glenn
toll-free at (866) 974-8626 or email Mr. Shuman at email@example.com
or email Mr. Glenn at firstname.lastname@example.org.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
The Shuman Law Firm
Kip B. Shuman, Esq., 866-974-8626
E. Glenn, Esq., 866-974-8626
Source: The Shuman Law Firm
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