Camber Energy Successfully Secures Dismissal of Class Action Lawsuit
Rhea-AI Summary
Camber Energy (OTCQB:CEIN) has successfully obtained the dismissal of a class action lawsuit filed in the U.S. District Court for the Southern District of Texas. The lawsuit, titled "Lawrence Rowe, Individually and on Behalf of All Others Similarly Situated v. James A. Doris and Camber Energy, Inc." (C.A. No.4:24-cv-00489), alleged breaches of fiduciary duty related to the merger between Camber and Viking Energy Group. The Court granted the defendants' motion to dismiss with prejudice on March 31, 2025, and the appeal deadline expired on April 30, 2025.
Positive
- Successful dismissal of class action lawsuit with prejudice, reducing legal risks
- Expiration of appeal deadline without any appeals filed, providing legal certainty
- Removal of potential financial liability related to the Viking Energy merger claims
Negative
- None.
News Market Reaction
On the day this news was published, CEIN gained 8.82%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, TX / ACCESS Newswire / May 5, 2025 / Camber Energy, Inc. (OTCQB:CEIN) ("Camber" or the "Company") is pleased to announce the dismissal of the previously disclosed Class Action Complaint (i.e. C.A. No.4:24-cv-00489) filed against the Company and its President & CEO titled Lawrence Rowe, Individually and on Behalf of All Others Similarly Situated v. James A. Doris and Camber Energy, Inc. in the U.S. District Court for the Southern District of Texas, Houston Division, pursuant to which the Plaintiff(s) sought to recover damages said to have been suffered by them as a result of the defendants' alleged breaches of fiduciary duty in connection with the merger between Company and Viking Energy Group, Inc.
On March 31, 2025, the Court granted the Company and Mr. Doris' motion to dismiss the case with prejudice, and the deadline for the Plaintiff(s) to appeal the Court's decision expired on or about April 30, 2025.
About Camber Energy, Inc.
Camber Energy, Inc. is a leader in power solutions and innovative technologies. Through subsidiaries, Camber provides custom energy & power solutions to commercial and industrial clients in North America and has a majority interest in: (i) an entity with intellectual property rights to a patented, proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to patented and patent pending, proprietary Electric Transmission and Distribution Broken Conductor Protection Systems. Camber also holds, through a subsidiary, an exclusive license in Canada to a patented clean energy & carbon-capture system.
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 ACCESS Newswire
FAQ
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