BOULDER, Colo.--(BUSINESS WIRE)--The 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 firstname.lastname@example.org or email Mr. Glenn at email@example.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.