Grand Jury has decided to investigate SandRidge Energy Inc. (NYSE:SD). The base of this investigation is to determine if the leading oil & gas producer and marketer violated antitrust law or not. The complete information was revealed in clear-cut way by SandRidge in a filing on Thursday.
Why It All Started:
Reports claim that this investigation is related to the lease or purchase transaction of oil, land and natural gas rights in 2012 and before that. One of the senior management officials of SandRidge took the initiative and made the statement. According to Jeff Wilson, Vice President of Government & Public Affairs, SandRidge, the company will provide complete support to the government. The U.S. Department of Justice has been investigating the entire matter, and SandRidge has decided to give full support to it, so that the procedure can be finished within the least possible time.
It’s not the first time when the U.S. Department of Justice has jumped into this matter. SandRidge made public in December 2013 that it had received a subpoena from none other than the Justice Department with regard to initiation of Federal Investigation. Wilson shared this information while talking to the representatives of Oklahoman. The company was informed on April 7, 2015 by the Justice Department of the country that the grand jury in the western district of Oklahoma would get involved in this case. All of this information was made available by the company in one of its recent regulatory filings.
Market experts think that this investigation will have a reasonable effect on company’s future performance in the future. There are high hopes that it will come out clean, but if it fails to do so, things may turn worse for SandRidge Energy Inc. (NYSE:SD). The complete picture will be clear in a matter of few days before the company reveals its financials.
