Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Thursday, June 11, 2015
Faruqi & Faruqi Alert: SandRidge Energy
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Either SandRidge Mississippian Trust I or SandRidge Mississippian Trust II To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in SandRidge Mississippian Trust I (“Trust I” or the “Company A”) (NYSE: SDT) and/or SandRidge Mississippian Trust II (“Trust I” or the “Company B”) (NYSE: SDR) of the August 10, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against both Companies and certain officers. A complaint has been filed in U.S. District Court for the Western District of Oklahoma.
According to the lawsuit, defendants made false and/or misleading statements and failed to disclose that: (1) the underlying properties from which the royalty interests were conveyed to both Companies consisted of far more low-margin natural gas deposits and far fewer high-margin oil deposits, and (2) the reserves of oil in the underlying properties associated with both Trust I and Trust II were vastly overstated.
When the true details entered the market, the units of Trust I declined from $18.95 on November 8 to close at $17.54 on November 9 (a 7.4% decline and a 42.5% decline from the Class Period high of $30.46 per share reached on February 9, 2012).
Meanwhile, the units of Trust II declined from $19.36 per unit on November 8 to close at $17.70 per unit on November 9 (a decline of more than 8.5% and a 13.6% decline from the Class Period high of $20.48 per share reached on April 27, 2012).
You can contact us by calling F&F'sRichard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding the Trusts’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.