Chesapeake lawsuit involves private jets
OKLAHOMA CITY — Top officials at Chesapeake Energy are accused of wasting millions of dollars using corporate jets for personal trips.
A shareholder, who lives in Virginia, filed a lawsuit in Oklahoma City against the board of directors Tuesday.
The lawsuit claims the company spent nearly $14 million dollars over five years for trips that were not business related.
It also claims that the company underreported how often the private jets were used and the actual cost.
An attorney for the shareholder said they reviewed financial documents provided to them by Chesapeake.
According to the attorney, top officials at Chesapeake, including CEO Aubrey McClendon and the board of directors, used the jets for personal travel.
The shareholder believes this spending on personal trips was corporate waste.
Chesapeake Energy released this statement:
“We are aware of the suit and will reserve comment for the appropriate forum.”