NEW YORK, July 08, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that it is investigating the officers and directors of Camber Energy, Inc. (“Camber” or the “Company”) (NYSE: CEI) for potential breaches of fiduciary duties, waste of corporate assets, and unjust enrichment between February 18, 2021 and October 4, 2021.
A securities class action complaint is pending in the United States District Court for the Southern District of Texas (the “Securities Class Action”). The complaint in the Securities Class Action alleges 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 wish to discuss your rights or interests, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
