A securities class action has been filed against Camber Energy, Inc. (CEI) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Camber between February 18, 2021 through October 4, 2021. This case has been filed in the USDC – S.D.TX.
According to the Complaint, the Company made false and misleading statements to the market. Camber overstated the business prospects of Viking Energy Group, Inc. (“Viking”) as well as its combined post-merger business. The Company failed to inform investors that its investment in Viking would add strain to its already tenuous financial stability. An institutional investor was diluting the Company’s shares after its July 12, 2021 update to investors detailing the number of shares of common stock issued and outstanding. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Camber, investors suffered damages.