Skip to Content

Camber Energy, Inc.

Company NameCamber Energy, Inc.
Stock SymbolCEI
Class PeriodFebruary 18, 2021 to October 04, 2021
Lead Plaintiff Motion DeadlineDecember 28, 2021

In February 2021, Camber completed a business combination with Viking Energy Group, Inc. (“Viking”).

On May 24, 2021,  Camber revealed that the New York Stock Exchange had notified Camber that it was not in compliance with its continued listing standards because, among other things,  “issues that have arisen in connection with . . . finalizing the determination of the fair values of both assets and liabilities associated with [Camber]’s acquisition of a controlling interest in Viking.”

On this news, Camber’s stock price declined by $0.04 per share, or 9%, to close at $0.57 per share on May 25, 2021.

Then, on August 16, 2021, Viking filed its quarterly report for second quarter 2021 reporting a net loss of $9.85 million net loss and stating that its subsidiary, Elysium Energy, LLC, and other parties to a term loan agreement “are in default of the maximum leverage ratio covenant.”

On this news, the Company’s stock price fell $0.03, or 7%, to close at $0.37 per share on August 17, 2021, thereby injuring investors further.

Then, on October 5, 2021, Kerrisdale Capital released a report alleging, among other things, that the “market is badly mistaken about Camber’s share count and ignorant of [Camber’s] terrifying capital structure,” estimating the Company’s “fully diluted share count is roughly triple the widely reported number.”

On this news, Camber’s stock price fell $1.56 per share, or 50%, to close at $1.53 per share on October 5, 2021, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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.

Submit Your Information

If you suffered a loss on your Camber Energy, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Shares Purchased

Number of SharesBuy DatePrice Per ShareAdd

Shares Sold

Number of SharesSell DatePrice Per ShareAdd