The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Camber Energy, Inc. (NYSE: CEI) who purchased shares between February 18, 2021 and October 4, 2021. The action, which was filed in the United States District Court for the Southern District of Texas, alleges that the Company violated federal securities laws.
In particular, the Camber lawsuit alleges that (i) Camber overstated the financial and business prospects of Viking as well as the combined company post merger; (ii) Camber failed to apprise investors of, and/or downplayed, the fact that its acquisition of a controlling interest in Viking would exacerbate the Company’s delinquent financial statements and listing obligations with the NYSE; (iii) an institutional investor was diluting Camber’s shares at a significant rate following the Company’s July 12, 2021 update regarding the number of its shares of common stock issued and outstanding; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until December 28, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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