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LOS ANGELES, October 06, 2021 (GLOBE NEWSWIRE) – The Portnoy Law Office advises Camber Energy, Inc. (“Camber” or the “Company”) (NYSE: CEI) investors that the company has initiated an investigation into possible securities fraud and that it may commence a class action lawsuit on behalf of the investors.
Investors are encouraged to consult an attorney Lesley F. Portnoy, by phone 310-692-8883 or E-mail: [email protected] to discuss your legal rights, or Click here to join the case over www.portnoylaw.com. Portnoy law firm can provide a free case assessment and discuss investor options to recover their losses.
The investigation focuses on whether Camber made any misleading and / or false information and / or failed to provide relevant information to investors. Camber is the subject of a research report released by Kerrisdale Capital on October 5, 2021. It is alleged in the report titled “Camber Energy, Inc. (CEI): What If They Made a Whole Company Out of Red Flags”? “That the company” has not filed financial statements with the SEC since September 2020 that its Shares will be delisted next month and not fired his accounting firm until September. ”Additionally, according to this report, Camber’s only real asset, a 73% stake in OTC-traded Viking Energy Group, Inc., is in large Trouble, subject to a going concern warning. The report also makes several other allegations about Camber, including that his “ESG Clean Energy” technology license is a joke, “that” the most intriguing part of the CEI boondoggle is actually something a lot More fundamentally, how many stocks are there and why has the dilution gotten out of hand? ”And that the“ market is changing in terms of the number of stocks of Cambe r is seriously wrong and knows nothing about it ” [Camber’s] appalling capital structure. ”The report also estimates that“ the number of fully diluted stocks is roughly three times the widely used number ”. Camber’s shares are down more than 24% in intraday trading based on this news.
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Portnoy law firm represents investors in prosecuting claims arising from corporate misconduct. The company’s founding partner has recovered over $ 5.5 billion for aggrieved investors. Lawyer advertising. Previous results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Approved CA and NY bar