Law Offices of Howard G. Smith announces an investigation on behalf of Camber Energy, Inc. (“Camber” or the “Company”) (NYSE: CEI) investors concerning the Company’s possible violations of the federal securities laws.
In February 2021, Camber completed a business combination with Viking Energy Group, Inc. (“Viking”).
On May 24, 2021, Camber revealed that the New York Stock Exchange had notified Camber that it was not in compliance with its continued listing standards because, among other things, “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.”
On this news, Camber’s stock price declined by $0.04 per share, or 9%, to close at $0.57 per share on May 25, 2021.
Then, on August 16, 2021, Viking filed its quarterly report for second quarter 2021 reporting a net loss of $9.85 million net loss and stating that its subsidiary, Elysium Energy, LLC, and other parties to a term loan agreement “are in default of the maximum leverage ratio covenant.”
On this news, the Company’s stock price fell $0.03, or 7%, to close at $0.37 per share on August 17, 2021, thereby injuring investors further.
Then, on October 5, 2021, Kerrisdale Capital released a report alleging, among other things, that the “market is badly mistaken about Camber’s share count and ignorant of [Camber’s] terrifying capital structure,” estimating the Company’s “fully diluted share count is roughly triple the widely reported number.”
On this news, Camber’s stock price fell $1.56 per share, or 50%, to close at $1.53 per share on October 5, 2021, thereby injuring investors further.
If you purchased Camber securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006402/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
