Source: Thinkstock
This is the first announcement by Chesapeake of the SEC investigation.
Chesapeake faces several civil lawsuits related to this and other of its practices, but the company’s board has cleared McClendon of misconduct and also of antitrust allegations related to the acquisition of leases in the Utica-Collingwood shale play, based on the board’s own inquiries.
McClendon will step down as CEO of Chesapeake at the end of this month.
Shares are down about 3.4%, at $19.48 in a 52-week range of $13.32 to $26.09.
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