Two interesting pieces of information from the Form 10-Q quarterly report that Chesapeake filed with the SEC on Wednesday, November 6 for the quarter ended September 30.
First, Chesapeake said its third-quarter profit more than tripled, as the company posted sharply higher revenue in its natural gas and oil segment and increased production.
Second, Chesapeake confirmed that it has received, from the U.S. Department of Justice (DOJ) and certain state governmental agencies and authorities, subpoenas and demands for documents, information and testimony in connection with investigations into possible violations of federal and state antitrust laws relating to its purchase and lease of oil and gas rights in various states, as well as subpoenas seeking information on the Company’s royalty payment practice.
These investigations are consistent with the approach we are taking to litigating the direct damage claims of individual royalty owners in group actions.
At this point, the DOJ and state investigations (including by the Pennsylvania Attorney General's Office) are ongoing, and no one knows what the outcome(s), if any, will be. Regardless of what happens (or does not happen) as a result of the investigation, we believe that the best way for individual royalty owners to maximize and protect their individual damage claims is by direct group actions.
First, Chesapeake said its third-quarter profit more than tripled, as the company posted sharply higher revenue in its natural gas and oil segment and increased production.
Second, Chesapeake confirmed that it has received, from the U.S. Department of Justice (DOJ) and certain state governmental agencies and authorities, subpoenas and demands for documents, information and testimony in connection with investigations into possible violations of federal and state antitrust laws relating to its purchase and lease of oil and gas rights in various states, as well as subpoenas seeking information on the Company’s royalty payment practice.
These investigations are consistent with the approach we are taking to litigating the direct damage claims of individual royalty owners in group actions.
At this point, the DOJ and state investigations (including by the Pennsylvania Attorney General's Office) are ongoing, and no one knows what the outcome(s), if any, will be. Regardless of what happens (or does not happen) as a result of the investigation, we believe that the best way for individual royalty owners to maximize and protect their individual damage claims is by direct group actions.
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