SOURCE: Brower Piven, A Professional Corporation

February 27, 2009 21:05 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Chesapeake Energy Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 27, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - February 27, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Chesapeake Energy Corporation ("Chesapeake" or the "Company") (NYSE: CHK) stock issued pursuant to the registration statement and prospectus (collectively, the "Registration Statement") filed with the Securities and Exchange Commission ("SEC") in connection with Chesapeake's July 2008 secondary public stock offering (the "Offering").

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 April 27, 2009 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 may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in the Registration Statement and Prospectus for the Company's secondary public offering of common stock for $57.25 per share ("Offering") that the Company's exposure to natural gas price declines had not been adequately limited by the hedging actions the Company had undertaken prior to the Offering and had failed to properly write down impaired goodwill on the assets it was acquiring. According to the complaint, during late 2008 and early 2009, as these inadequacies and failures by the Company were revealed, the value of Chesapeake Energy's stock declined significantly.

If you have suffered a net loss for all transactions in Chesapeake Energy Corporation common stock during the Class Period, 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 hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. 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 Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact