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Chesapeake Energy facing formal SEC investigation

Oklahoma City-based Chesapeake Energy Corp. on Friday said it is facing an investigation by the U.S. Securities and Exchange Commission.
BY JAY F. MARKS Modified: March 1, 2013 at 8:39 pm •  Published: March 1, 2013

McClendon is leaving the company by April 1, but the board has said his departure has nothing to do with its review.

McClendon is due a payout of close to $50 million when he leaves the company he co-founded in 1989 with former partner Tom Ward, but shareholder Stephen Cheseldine has asked an Oklahoma County judge to block any severance-related payments.

There is a hearing scheduled for March 29 on that request, according to a report filed Friday.

Multiple lawsuits

Cheseldine is one of more than a dozen shareholders who have filed breach of fiduciary duty lawsuits against the company's board.

Chesapeake also provided an update on its buyout program in Friday's filing. The company offered buyouts to about 275 veteran employees in December; 213 have accepted, costing Chesapeake about $64 million.

Chesapeake's stock dipped 49 cents Friday to $19.67 a share.