STEVENSON, Md., Dec. 7, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Oklahoma on behalf of purchasers of SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE:SD) common stock during the period between February 24, 2011 and November 8, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in SandRidge Energy, Inc. common stock purchased on or after February 24, 2011 and held through November 8, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 4, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that its Mississippian assets consisted of significantly higher low-margin natural gas deposits and significantly lower high-margin oil deposits than the Company had led investors to believe, that mechanical issues causing a slowdown of the Company's drilling operations in the Gulf of Mexico, and that the Company's true purpose for its $1.3 billion acquisition of Dynamic Offshore Resources was to provide a financing vehicle for the Company's onshore drilling projects. According to the Complaint, following the Company's November 8, 2012 disclosure that it had been grossly overstating the proportion of oil-producing versus natural-gas-producing assets in the Mississippian formation and that it intended to sell its interest in the Company's highest-margin oil producing assets, the value of SandRidge shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation