Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of
$100,000 Investing In SandRidge Energy, Inc. To Contact The Firm
NEW YORK, Jan. 25, 2013
NEW YORK, Jan. 25, 2013 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading
national securities law firm, is investigating potential securities fraud at
SandRidge Energy, Inc. ("SandRidge" or the "Company") (NYSE: SD).
(Logo: http://photos.prnewswire.com/prnh/20120119/MM38856LOGO )
The investigation focuses on whether the Company and its executives violated
federal securities laws by failing to disclose that: (1) SandRidge's
Mississippi formation assets had been materially overstated, particularly with
regard to the amount of high-margin oil deposits; (2) the Company was
suffering mechanical issues with one of its Gulf of Mexico drills, impeding 2Q
2012 drilling at a key rig; (3) the $1.3 billion Dynamic Offshore acquisition
would be utilized merely as a "financing vehicle" for the Company's onshore
drilling projects; and (4) SandRidge's fiscal year 2012 earnings guidance
would not be attainable.
On November 8, 2012, after the close of trading, SandRidge disclosed that they
had been grossly overstating the proportion of oil-producing versus natural
gas producing assets in the Company's Mississippi formation. The Company also
disclosed that they intended to sell the remaining interest in the Company's
Permerian Basin assets, even though those assets were the Company's
highest-margin oil producing assets.
On this news, SandRidge's stock collapsed from its November 8, 2012 closing
price of $6.10 per share to close at $5.51 per share on November 9, 2012, or
9%, on extremely high volume.
Request more information now by clicking here: www.faruqilaw.com/SD. There is
no cost or obligation to you.
If you invested in SandRidge stock or options between February 24, 2011 and
November 8, 2012 and would like to discuss your legal rights, visit
www.faruqilaw.com/SD. You can also contact us by calling Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending
an e-mail to firstname.lastname@example.org or email@example.com. Faruqi &
Faruqi, LLP also encourages anyone with information regarding SandRidge's
conduct to contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter. We welcome the
opportunity to discuss your particular case. All communications will be
treated in a confidential manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP
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