The Whistleblower Institute announces that SandRidge Energy reached a $1.4 million settlement in a whistleblower lawsuit filed by a former employee over its accounting method for its publicly reported oil and gas reserves.
Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute at email@example.com or call: 619-452–1218. There are no costs or obligations to you.
SandRidge Energy allegedly fired an employee who raised concerns inside the company about how it calculated its publicly reported oil and gas reserves. According to the U.S. Securities and Exchange Commission (SEC), SandRidge Energy also allegedly used separation agreements that prohibited outgoing employees from participating in government investigations or disclosing potentially harmful company information. SandRidge Energy allegedly wrongfully terminated the whistleblower after management concluded the employee was disruptive and could be replaced with someone “who could do the work without creating all the internal strife.” Few months prior to the employee getting fired, the employee was reportedly offered a promotion in which it was turned down.
“Whistleblowers who step forward and raise concerns internally to their companies about potential securities law violations should be protected from retaliation regardless of whether they have filed a complaint with the SEC. This is the first time a company is being charged for retaliating against an internal whistleblower, and the second enforcement action this week against a company for impeding employees from communicating with the SEC.” stated Jane Norberg, Chief of the SEC’s Office of the Whistleblower.
SandRidge Energy settled without admitting or denying the SEC’s findings.
Based in Oklahoma City, United States, SandRidge Energy Inc is a petroleum and natural gas exploration company. The company’s Exploration and Production segment explores, develops, and produces oil and natural gas properties; and operates wells. Its Midstream Services segment purchases, gathers, treats, and sells natural gas.
The Whistleblower Institute is an information portal for current or former employees and other people having insight information about wrongdoing and other illegal activities by individuals either individually or within corporations, through company culture and or within international affairs. Whistleblowers should keep in mind that under the Dodd-Frank Act any person who provides the Securities and Exchange Commission (“SEC”) with original information that leads to a successful enforcement action with over $1 million recovered must be awarded between 10%-30% of the total amount recovered. In order to determine the total amount of the reward there are numerous factors that need to be considered. Whistleblower actions are complex and our goal is to guide any whistleblower every step of the way. The Whistleblower Institute is dedicated to partnering with any individual who have information about fraud and we work with many of the best law firms worldwide.
Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute.
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