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Chesapeake confirms SEC probe

Chesapeake Energy Corp. confirmed the company and CEO Aubrey McClendon have been notified of an information inquiry by the U.S. Securities and Exchange Commission.
BY JAY F. MARKS Business Writer Modified: May 3, 2012 at 3:39 pm •  Published: May 3, 2012
p /> At least nine shareholders have filed lawsuits against McClendon and Chesapeake's board since the April 18 Reuters report. They allege the board, with McClendon as chairman, breached its fiduciary duty by failing to adequately monitor the program and keep shareholders informed about it.

Attorneys in one of the lawsuits filed this week in federal court in Oklahoma City have asked a judge to consolidate the cases because each contains similar allegations. The New York-based firm of Harwood Feffer LLP also is seeking to be named lead counsel.

A judge has not ruled on either request.

Chesapeake shares closed up 2.49 percent, or 45 cents, at $17.19 Thursday.

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