Kessler Topaz, a law firm, has filed a securities class action lawsuit against Camber Energy, Incorporated. Investors who purchased or otherwise acquired shares of CEI should contact the firm immediately. CEI stock drops by 9.8% to cost $1.10 in the pre-market today. The lawsuit charges Camber with various violations of federal securities laws. These violations allegedly occurred due to the company’s false and misleading statements. In December 2020, Camber Energy acquired a controlling interest in a Minnesota-based energy company known as Viking. And on February 18, 2021, Camber published the news that the company had acquired Viking and merged with it after concluding an agreement
Camber’s stock price decline began on May 24, 2021, after it was revealed that the New York Stock Exchange had informed the company that it failed to file its annual report on time. The company also cited various issues related to its acquisition of Viking. In October 2021, Kerrisdale Capital revealed that Camber Energy, a failed oil producer, is in danger of getting its stock delisted due to its failure to file its financial statements. The firm also stated that its only real asset is a 73% ownership in Viking.