NEW YORK, Nov. 26, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Western District of Oklahoma, on behalf of all persons who purchased or otherwise acquired SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE:SD) securities during the period between March 1, 2013 through November 4, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that during the Class Period, the Company issued materially false and misleading financial information to shareholders. On November 4, 2014, the Company announced that the U.S. Securities and Exchange Commission had asked the Company to reassess its accounting for penalties paid under a contract with Occidental Petroleum Corp. As a result, the Company concluded that its consolidated financial statements for the periods ended December 31, 2012 and 2013 and its unaudited consolidated financial statements for the periods ended March 31, 2013, June 30, 2013, September 30, 2013, March 31, 2014, and June 30, 2014 should no longer be relied upon.
If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston