SM Energy Co. Investor Investigation over potential Wrongdoing
An investigation for investors in shares of SM Energy Co. over potential wrongdoing by certain officers and directors was announced and current long-term NYSE-SM stockholders should contact the Shareholders Foundation.
Investors who purchased shares of SM Energy Co. have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org (mailto:mail@
The investigation by a law firm concerns, among other things, whether certain SM Energy officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Late last year lawsuits were filed by mineral owners against several energy companies, including one lawsuit 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 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.
SM Energy Co. reported that its annual Total Revenue declined from over $1.6 billion in 2011 to over $1.5 billion in 2012 and that its Net Income of $215.42 million in 2011 decreased to a Net Loss of $54.25 million in 2012.
Shares of SM Energy Co. grew from $44.07 per share in August 2012 to as high as $91.48 per share in November 2013.
On January 16, 2013, NYSE-SM shares closed at $84.99 per share.
Those who purchased shares of SM Energy Co. , have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554
Shareholders Foundation, Inc.