Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Anadarko Petroleum Corporation To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Anadarko Petroleum Corporation (“Anadarko” or the “Company”) (NYSE:APC) of the April 20, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. The Company is now a wholly-owned subsidiary of Occidental Petroleum Corporation (NYSE:OXY).
If you invested in Anadarko stock or options between February 20, 2015 and May 2, 2017 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased Anadarko common stock between February 20, 2015 and May 2, 2017 (the “Class Period”). The case, Georgia Firefighters' Pension Fund v. Anadarko Petroleum Corporation et al, No. 20-cv-00576 was filed on February 19, 2020, and has been assigned to Judge Nancy F. Atlas.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: 1) the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated; (2) the Company lacked effective internal control over financial reporting; and (3) as a result of the foregoing, Defendants’ statements about the Company’s Shenandoah assets lacked a reasonable basis.
In 2009, Anadarko discovered the “Shenandoah” oil field in the Gulf of Mexico. The Company spent the following eight years appraising the field. During that time, including throughout the Class Period, Defendants made repeated positive representations about the prospects and value of the Shenandoah assets.
On May 2, 2017, however, Anadarko reported quarterly financial results in which it recorded a $467 million impairment charge and expensed $435 million in suspended exploratory well costs related to the Shenandoah project. Critically, the Company admitted that it was suspending the appraisal process due to poor results.
After the announcement, Anadarko’s share price fell from $56.28 per share on May 2, 2017 to a closing price of $51.95 on May 3, 2017—a $4.33 or 7.69% drop.
Anadarko Petroleum Corporation (APC)
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Filed on 02/24/2020
Lead Plaintiff Deadline 04/20/2020
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331