Camber Energy, Inc. Investors with significant losses have the opportunity to sue

SAN DIEGO, Nov 6, 2021 /PRNewswire/ — The law firm of Robbins Geller Rudman & Dowd LLP announces that any purchaser or purchaser of Camber Energy, Inc. (NYSE: CEI) securities between: February 18, 2021 and October 4, 2021, inclusive (the “Class Period”) have up to December 28, 2021 to seek appointment as lead claimant in Coggins v. Camber Energy, Inc., no. 21-cv-03574 (SD Tex.). Started on October 29, 2021 and hanging before judge Charles Eskridge III, the Camber energy class action lawsuit accuses Camber Energy and certain of its top executives of violations of the Securities Exchange Act of 1934.

To act as lead plaintiff of the Camber energy securities class action lawsuit, enter your details by clicking here. You can also contact a lawyer JC Sanchez from Robbins Geller by calling 800/449-4900 or by email at: [email protected]. Chief Prosecutor’s Motions for the Camber energy class action lawsuit for securities must be filed in court at the latest December 28, 2021.

CASE DESCRIPTIONS: In Dec 2020, Camber Energy acquired a majority stake in Viking Energy Group, Inc., a purportedly independent exploration and production company. Than in February 2021, Camber Energy has entered into a definitive merger agreement with Viking to complete the full combination of the two entities.

As claimed by the Camber energy class action lawsuit, Camber Energy failed to timely file the required financial statements with the U.S. Securities and Exchange Commission (“SEC”) during 2021. As a result, financial reporting services such as: Yahoo! Finance and Bloomberg were forced to rely on infrequent and outdated updates in SEC filings to estimate Camber Energy’s issued and outstanding shares. When Camber Energy gave an update on: October 6, 2021, it reported 249.6 million shares issued and outstanding, a significantly higher figure.

The Camber energy class action lawsuit further alleges that during the Class period, defendants made false and misleading statements and failed to disclose that: (i) Camber Energy overestimated the financial and business prospects of Viking and the combined company after the merger; (ii) Camber Energy has failed to notify, and/or downplayed, investors that the acquisition of a majority interest in Viking would exacerbate Camber Energy’s past due financial statements and listing obligations with the New York Stock Exchange (“NYSE”); (iii) an institutional investor diluted Camber Energy’s shares at a significant rate following Camber Energy’s July 12, 2021 update regarding the number of issued and outstanding common shares; and (iv) as a result, Camber Energy’s public statements have been materially inaccurate and misleading at all times.

on May 24, 2021, Viking reported that Camber Energy’s first quarter ended March 31, 2021 earnings per share (“EPS”) of –$0.13 generally accepted accounting principles (“GAAP”), compared to GAAP EPS of $1.39 in the same quarter of the year before, representing a decline of 109.35% year-over-year (“Y/Y”), and sales in the first quarter of $10.49 million, compared to the turnover of $11.79 million in the same quarter of the year before, representing a year-on-year decline of 11%. Later that day, Camber Energy announced that, on May 21, 2021, the NYSE had notified Camber Energy that it was not complying with the NYSE’s rolling listing standards because of, among other things, “issues that arose in connection with … finalizing the fair value determination of both assets as liabilities in connection with the Company’s acquisition of a controlling interest in Viking… in December 2020.” On this news, Camber Energy’s stock price fell.

Then on August 16, 2021, Viking reported financial and operating results for the quarter closed June 30, 2021, including a net loss of $9.85 million for the quarter, and that, “[a]s from June 30, 2021, [Viking] has a shareholder deficit of $15,054,324 and total long-term debt of $95,961,611.” With regard to Viking’s obligations, Viking disclosed, among other things, that “as [Viking]’s subsidiary, Elysium Energy, LLC, and other parties to the Term Loan Agreement, are in default of the maximum leverage ratio agreement under the Term Loan Agreement on June 30th, 2021.” On this news, Camber Energy’s stock price fell nearly 7%.

Finally, on October 5, 2021, Kerrisdale Capital released a report claiming, among other things, that the “market is gravely mistaken in the number of shares of Camber and ignorant of [Camber’s] Terrifying capital structure,” Camber Energy’s estimates, “the number of fully diluted stocks is roughly three times the widely reported number.” On this news, Camber Energy’s stock price fell more than 50%, further hurting investors.

THE PROCESS OF THE HEAD WANDER: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Camber Energy securities during the Class Period to be named a lead plaintiff in the Camber energy class action lawsuit. A lead plaintiff is generally the person with the greatest financial interest in the relief sought by the alleged class, which is also typical and adequate for the alleged class. A lead plaintiff acts on behalf of all other class members in directing the Camber energy class action lawsuit. The lead plaintiff may select a law firm of his choice to litigate against the Camber energy class action lawsuit. An investor’s ability to participate in a possible future recovery of the Camber energy class action lawsuit does not depend on acting as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller’s attorneys have secured many of the largest shareholder recoveries in history, including the largest class action securities recovery ever – $7.2 billion – in About Enron Corp. sec. litig. The 2020 ISS Securities Class Action Services Top 50 Report Ranked Robbins Geller First for Recovery $1.6 billion for investors last year, more than double the amount recovered by another company that had securities claimants. Please visit http://www.rgrdlaw.com For more information.

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SOURCE Robbins Geller Rudman & Dowd LLP

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