LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the securities of SandRidge Energy, Inc. (“SandRidge” or the “Company”) (NYSE:SD) concerning possible breaches of fiduciary duties by the Company or its fiduciaries. 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 investigation is related 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.
If you purchased SandRidge shares prior to June 2008 and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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