NEW YORK, Jan. 30, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Oklahoma on behalf of investors who purchased SandRidge Energy Inc. ("SandRidge" or the "Company") (NYSE:SD) stock between February 24, 2011 and November 8, 2012.
For more information, click here: http://zlk.9nl.com/sandridge-energy-sd/.
The complaint alleges that, among other things, SandRidge misrepresented the proportions of low-margin natural gas and high-margin oil contained in its Mississippian formation and that the Company failed to adequately disclose mechanical issues with a rig that negatively impacted its operations.
On November 8, 2012, the Company disclosed that they had been grossly overstating the proportion of oil-producing versus natural gas producing assets in the Company's Mississippi formation. The Company also disclosed that they intended to sell the Company's remaining interest in the Permerian Basin assets even though those assets were the Company's highest-margin oil producing assets. In reaction to this news, SandRidge stock collapsed 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 suffered a loss in SandRidge you have until February 3, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/sandridge-energy-sd/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.