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Reports: Chesapeake Shareholder Sues CEO McClendon, Board

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Reports: Chesapeake Shareholder Sues CEO McClendon, Board

Chesapeake Energy Corp. Chief Executive Aubrey McClendon and several of the natural gas producer's board were sued by a shareholder, who cited a published report on $1.1 billion in loans the CEO obtained against his stake in company wells, Reuters reported Friday on its website.

The Deborah Mallow IRA SEP Investment Plan brought the lawsuit, filed in the District Court of Western District of Oklahoma. The board members being sued were not identified in the report.

Reuters earlier this week reported that McClendon had taken out the loans over the past three years. The company and McClendon told Reuters that the loans do not present a conflict.

CNBC also reported news of the lawsuit.

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
allen | Apr. 23, 2012
They are going to Spring a Surprise on the Company at some time. I believe this CEO wants to spend some time in the Big House, with Birney. Get Rid of this Flake as soon as Possible. The writting is on the Wall along with the Paintings

john henrie | Apr. 22, 2012
Next ENRON to me.

eddy handita | Apr. 21, 2012
Thats big financial loans using his wells as collateral, not good idea in long term periods.

s.roseman | Apr. 21, 2012
This is not the first time the ceo tried to steal money. Last time he sold worthless paintings to the company for 12 million dollars. It is time we threw him and the board out and got an honest ceo. I for one will like to join anyone in a suit against chk and the board.


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