Lawyers for Samson Investment Co., a Tulsa-based natural gas-heavy energy company, filed a lawsuit against auditor Arthur Andersen LLP this week in what is predicted to be the first of many such lawsuits accusing the Big 5 accountant of complicity in Enron Corp.’s ultimate bankruptcy. Samson claims Andersen “recklessly disregarded evidence of questionable financial transactions between Enron and its insiders.” The lawsuit, seeking unspecified damages, requests class-action status on behalf of more than 100 unnamed companies.

According to the lawsuit, Samson and other energy companies “justifiably relied on the financial audits of Enron” for their natural gas purchase contracts with Enron, and called Andersen’s audits “grossly misleading.” Andersen, under investigation by federal authorities, is also named in lawsuits against Enron on behalf of shareholders.

In business since 1971, Samson and its related corporate entities are privately owned. Its activities in 18 U.S. states, Canada, Venezuela and Russia include operations of more than 2,400 producing wells and interests in more than 10,000 wells. Worldwide reserves are 85% natural gas. In 2000, Samson closed more than $300 million in acquisitions and invested $150 million in exploration and development.

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