The Shareholders Foundation announced that an investigation on behalf of investors of SM Energy Co. (NYSE:SM) shares is ongoing over potential securities laws violations by SM Energy Co. and certain of its directors and officers.
Investors who currently hold shares of SM Energy Co. (NYSE:SM) have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of SM Energy Co. (NYSE:SM) concerning whether certain statements regarding SM Energy’s business, its prospects and its operations were materially false and misleading at the time they were made. More specifically, investigation concerns whether certain SM Energy officers and directors breached their fiduciary duties and caused damage to the company and NYSE:SM shareholders.
In late 2013 lawsuits were filed by mineral owners against several energy companies, including one against SM Energy Co., seeking millions of dollars in damages for what they say are lost royalty payments to mineral owners from natural gas flared by energy companies going back as far as six years. The mineral owners claim they have lost millions of dollars in royalties because oil drilling companies burn off large quantities of gas instead of capturing and selling it. The plaintiffs claim that the North Dakota law limits the flaring of natural gas during the first year of production and after that those companies must apply to the North Dakota Industrial Commission for an exemption and if they fail to do so, they must pay royalties and state taxes. The plaintiffs allege that companies have been in violation of the limits set for the first year and have not sought exemptions. The lawsuits seek to force oil drilling operators to comply with state law and pay royalties to mineral owners for the value of flared gas going back six years.
SM Energy Co. reported that its annual Total Revenue declined from over $1.53 billion in 2012 to over $2.26 billion in 2013 and that Net Loss of $54.25 million in 2012 turned into a Net Income of $170.94 million in 2013.Shares of SM Energy Co. (NYSE:SM) declined from $89.20 per share in September 2014 to as low as $30.29 per share in December 2014.
On February 2, 2015, NYSE:SM shares closed at $40.91 per share.
Those who purchased shares of SM Energy Co. (NYSE:SM) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com