Plaintiffs in a proposed securities class action against Chesapeake Energy Corp. failed to show at the complaint stage that the defendants acted with recklessness or intent regarding their duty to disclose material facts to investors, the U.S. Court of Appeals for the Tenth Circuit ruled.
The plaintiffs allege that purchasers of Chesapeake’s common stock between April 30, 2009, and May 11, 2012, were misled about the energy supplier’s financial condition in two ways.
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