Press Release via MarketWatch:
Chesapeake Energy Corporation General Counsel Henry J. Hood Issues Statement
hesapeake Energy Corporation CHK -5.54% General Counsel Henry J. Hood issued the following statement in response to recently published media reports: "The Founders Well Participation Program (FWPP) has been in place since the company's founding and was reapproved by shareholders by a wide margin in 2005. The terms and procedures for the program are clear and detailed in every proxy for all shareholders to see. Mr. McClendon's interests and Chesapeake's are completely aligned....MOREAt their worst the shares were down 10.2%, a price last seen in July 2009.
The stock closed at $18.06, down 5.54%.