Camber Energy Announces Proposed Settlement of Stockholder Derivative Action
Rhea-AI Summary
Camber Energy (NYSE American: CEI), a growth-oriented energy company, announced a proposed settlement of a stockholder derivative action.
On July 2, 2024, the U.S. District Court for the Southern District of Texas issued a preliminary approval order for the settlement of claims against individual defendants in Case No. 4:22-cv-02167. The final approval hearing is scheduled for September 12, 2024, at 2:00 p.m. at the U.S. District Court for the Southern District of Texas, Houston Division. In compliance with the order, the Stipulation of Settlement and a Notice of Proposed Settlement of Derivative Actions are posted on Camber's Investor's Overview section on their website (camber.energy).
Positive
- Preliminary court approval received for the proposed settlement.
- Final approval hearing scheduled for September 12, 2024.
Negative
- None.
News Market Reaction – CEI
On the day this news was published, CEI declined 4.02%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, TX / ACCESSWIRE / July 26, 2024 / Camber Energy, Inc. (NYSE American:CEI), a growth-oriented energy company ("Camber" or the "Company") announces today, that on July 2, 2024, the United States District Court for the Southern District of Texas, issued an order providing for preliminary approval of a proposed settlement of the claims asserted nominally on behalf of Camber against the individual defendants named in the previously disclosed stockholder derivative action, Case No. 4:22-cv-02167, pending before the court.
The order set a final approval hearing for September 12, 2024, at 2:00 p.m. at the United States District Court for the Southern District of Texas, Houston Division, 515 Rusk Street Houston, TX 77002 (or by telephonic or video means as may be designated by the Court in the interest of public safety). As required by the order, the Stipulation of Settlement, and a Notice of Proposed Settlement of Derivative Actions, Final Approval Hearing, and Right to Appear, have been posted to the Investor's Overview section of Camber's website (http://camber.energy/).
Summary Notice:
About Camber Energy, Inc.
For more information, please visit the company's website at www.camber.energy.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements", which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in Camber's filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Camber cautions that the foregoing list of important factors is not complete, any forward-looking statement speaks only as of the date on which such statement is made, and Camber does not undertake to update any forward-looking statements that it may make, whether as a result of new information, future events or otherwise, except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Camber or any person acting its behalf are expressly qualified in their entirety by the cautionary statements referenced above.
Contact Information
Investors and Media:
Tel. 281.404.4387
SOURCE: Camber Energy, Inc.
View the original press release on accesswire.com
FAQ
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