CAMAC Energy Inc (NYSEMKT:CAK) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
CAMAC Energy
Affected Securities: 

June 27, 2014 (Shareholders Foundation) - An investigation on behalf of investors of CAMAC Energy Inc (NYSEMKT:CAK) shares over potential securities laws violations by CAMAC Energy and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of CAMAC Energy Inc (NYSEMKT:CAK) concerning whether a series of statements CAMAC Energy regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

CAMAC Energy Inc reported that its annual Total Revenue declined from $16.62 million in 2012 to $7.87 million in 2013 and that its respective Net Loss increased from $6.09 million to $15.95 million. Shares of CAMAC Energy Inc (NYSEMKT:CAK) grew from $0.581 per share in May 2014 to as high as $0.81 per share on June 19, 2014.

Then on June 25, 2014 CAMAC Energy Inc disclosed in a filing with the SEC that on June 19, 2014, the management of CAMAC Energy Inc. concluded that the Company’s unaudited financial statements included in its quarterly report on Form 10-Q for the first quarter of 2014 (the “First Quarter 10-Q”) contained errors and that on June 24, 2014, the Company’s audit committee and management concluded that the unaudited financial statements contained in the First Quarter 10-Q should no longer be relied upon because of these errors and that the Company should amend the First Quarter 10-Q and restate the unaudited financial statements contained therein.

Shares of CAMAC Energy Inc (NYSEMKT:CAK) declined to as low as $0.63 per share on June 27, 2014.