RADNOR, PA / ACCESSWIRE / December 15, 2021 / The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Camber Energy, Inc. ("Camber") (NYSE:CEI). The action charges Camber with violations of the federal securities laws, including omissions and fraudulent misrepresentations about the company's business, operations and prospects. As a result of Camber's materially misleading statements, investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: December 28, 2021
CLASS PERIOD: February 18, 2021 through October 4, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
CAMBER'SALLEGED MISCONDUCT
Camber is an independent oil and natural gas company that mainly acquires, develops, and sells crude oil, natural gas, and natural gas liquids. Between December 2020, and February 18 2021, Camber acquired a controlling interest in Viking Energy Group, Inc. ("Viking") and executed a definitive merger agreement with Viking to effect the full combination of the two entities (the "Merger"). On February 18, 2021, Camber issued a press release regarding the Merger and touted the acquisition of Viking.
The truth began to emerge on May 24, 2021 when Camber revealed in a press release that on May 21, 2021, the New York Stock Exchange had notified Camber that it was not in compliance with its continued listing standards because Camber failed to file its Form 10-K for the 9-month period ended December 31, 2020. Along with other reasons, Camber blamed its lack of compliance on "issues that have arisen in connection with . . . finalizing the determination of the fair values of both assets and liabilities associated with [Camber]'s acquisition of a controlling interest in Viking." Following this news, Camber's stock price declined by $0.04 per share, or 6.56%, to close at $0.57 per share on May 25, 2021.
Then, on October 5, 2021, Kerrisdale Capital shocked the market when it released a report stating that "Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September." Kerrisdale Capital also revealed that Camber's "only real asset is a 73% stake in [Viking], an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans."