1 unchanged sentence
From time to time, the Company may be involved in litigation relating to claims arising out of commercial operations in the normal course of business.
−Removed: As of June 30, 2024, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s results of operations.
+Added: As of September 30, 2024, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company’s results of operations.
Merger-Related Litigation
5 unchanged sentences
The complaint alleges breaches of fiduciary duty in connection with the merger between Viking and the Company and seeks to recover damages for the alleged breaches.
−Removed: The defendants deny the allegations and filed a motion to dismiss the case on April 26, 2024, which remains pending.
+Added: The defendants deny the allegations and filed a motion to dismiss (“MTD”) the case on April 26, 2024.
+Added: The MTD hearing was held on August 30, 2024 and the Court’s decision with respect to such hearing remains pending.
Shareholder-Related Litigation
16 unchanged sentences
On or about June 21, 2024, the parties to the Houston Derivative Complaint entered into a Stipulation and Agreement of Settlement (the “Stipulation and Settlement”) to fully, finally, and forever resolve, discharge, and settle all of the claims in the Houston Derivative Complaint, without the defendants admitting any liability, subject to approval of the Court and subject to the terms and conditions thereof.
−Removed: A copy of the Stipulation of Settlement along with copies of the associated Notice of Proposed Settlement of Derivative Actions, Final Approval Hearing, and Right to Appear, have been posted to the Investor’s Overview section of the Company’s website ( http://camber.energy/ ).
Any fees to be paid to the plaintiffs’ attorneys and/or the plaintiff(s) in connection with or pursuant to the Stipulation and Settlement will be paid by the Company’s insurer.
On July 2, 2024, the Court issued an order providing for preliminary approval of the Stipulation and Settlement and set a final approval hearing for September 12, 2024.
−Removed: At June 30, 2024, the Company recorded an accrued liability in respect of the proposed settlement and a receivable related to the insurance proceeds in the amount of $700,000, the minimum amount specified in the Stipulation and Settlement.
+Added: On or about September 17, 2024, the Court issued a final order and judgement approving the Stipulation and Settlement and awarded fees payable to the Plaintiff’s legal counsel in the amount of $1,200,000, which will be paid by the Company’s insurer.
+Added: Payment of the settlement amount remains outstanding at September 30, 2024, and the Company has therefore recorded an accrued liability in respect of the settlement and a receivable related to the insurance proceeds.
Maranatha Oil Matter
29 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.