A former Chesapeake Energy Corp. employee has filed a federal lawsuit against the company and its board of directors, accusing them of breaching their fiduciary duty to participants in Chesapeake’s employee stock ownership plan.
Debra Boggs is seeking to have the lawsuit certified as a class action case on behalf of all current or former Chesapeake employees who are beneficiaries of the program. It was filed under the Employee Retirement Income Security Act.
Her lawsuit does not indicate when Boggs, a former officer cleaner, worked at Chesapeake or how much stock she owns.
The 104-page lawsuit details Chesapeake’s alleged misdeeds, as laid out over the past two months in media reports and the company’s regulatory filings.
The allegations are similar to those brought by at least 16 other Chesapeake shareholders who have filed lawsuits since April 19.
Boggs’ lawsuit seeks to force Chesapeake to repay losses suffered by participants in the stock program.
The company’s stock dipped to as low as $13.32 a share over the past two months, but it closed Tuesday at $18.71. That is down about 2 percent from the day before the initial Reuters report about CEO Aubrey McClendon’s personal loans.