A lawsuit was filed for certain former and current employees of Chesapeake Energy Corporation (NYSE:CHK) concerning alleged ERISA breaches and former and current employees of Chesapeake Energy Corporation should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 06/26/2012 --A participant in the Chesapeake Energy Corporation's Savings and Incentive Stock Bonus Plan filed a lawsuit in the United States District Court for the Western District of Oklahoma investigation on behalf of former and current employees of Chesapeake Energy Corporation, who are or were participants or beneficiaries of any Chesapeake Energy employee company stock option plan and/or purchased and/or currently hold Chesapeake Energy Corporation (NYSE:CHK) stocks, concerning potential violations of the Employee Retirement Income Security Act (“ERISA”) was announced.

Those who are former or current employees or members of any of Chesapeake Energy’ investment plans or profit sharing retirement plans, including the Chesapeake Energy's Savings & Incentive Stock Bonus Plan, and purchased or hold Chesapeake Energy Corporation (NYSE:CHK) shares in the Plan from July 31, 2008 to the present, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.

Following a media report on April 18, 2012, concerning potential conflicts of interest created by personal loans to Chesapeake Energy’s chief executive officer, Aubrey McClendon, Chesapeake has been the subject of a dozen lawsuits, alleging securities fraud, corporate waste and breach of fiduciary duties owed to shareholders.

According to the article, during the past three years Chesapeake Energy’s CEO borrowed approximately $1.1 billion by pledging his personal stake in Chesapeake Energy's oil and natural gas wells as collateral for the loans, which were made through three companies controlled by McClendon that list Chesapeake Energy’s headquarters as their address.

The lawsuit for certain participants in the Chesapeake Energy Corporation's Savings and Incentive Stock Bonus Plan alleges that the fiduciaries of the Chesapeake Energy Corporation's Savings and Incentive Stock Bonus Plan allegedly failed to manage and administer the assets with the care, skill, prudence, and diligence of a prudent person, allegedly failed to disclose material information to the Plan's participants, and allegedly engaged in activities inconsistent with, and detrimental to, the Plan and its participants.

NYSE:CHK shares fell from over $25 per share in March 2012 to as low as $14.34 on May 15, 2012.

On June 25, 2012, NYSE:CHK closed at $17.03, less than half its current 52weekHigh.

Those who are former or current employees or members of any of Chesapeake Energy’ investment plans or profit sharing retirement plans, including the Chesapeake Energy's Savings & Incentive Stock Bonus Plan, and purchased or hold Chesapeake Energy Corporation (NYSE:CHK) shares in the Plan from July 31, 2008 to the present, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com