Apache Corporation (APA)


APACHE DEADLINE ALERT

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Apache Corporation To Contact Him Directly To Discuss Their Options

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Apache Corporation (“Apache” or the “Company”) (NASDAQ:APA) and reminds investors of the April 26, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. 

If you suffered losses exceeding $100,000 investing in Apache stock or options between September 7, 2016 and March 13, 2020 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also fill out the form below. There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Apache intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (2) Apache did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they existed in the amounts purported; (3) these misleading statements and omissions artificially inflated the value of the Company’s operations in the Permian Basin; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Specifically, on April 23, 2019, before financial markets opened, Apache announced that it had begun a “[t]emporary” deferral of natural gas production at Alpine High. In response to this news, Apache’s stock price fell $4.03 per share, or nearly 11% over the next four trading days, from a close of $37.09 per share on April 22, 2019, to close at $33.06 per share on April 26, 2019. 

Then, on October 25, 2019, Apache’s Senior Vice President of Worldwide Exploration, Steven Keenan, abruptly resigned from the Company. In response to this announcement, Apache’s stock price dropped $1.16, or approximately 5%, from a close of $23.23 per share on October 24, 2019, to close at $22.07 per share on October 25, 2019. Apache’s stock traded as low as $20.57 per share on October 25, 2019, an intra-day drop of approximately 11.5%, prompting Bloomberg to issue a story titled “Apache Executive’s Departure Sparks Worst Rout Since 2016.”

A few months later, on February 26, 2020, after the close of the markets, Apache announced that it was completely de-valuing Alpine High after taking a $3 billion write down on the project. Two weeks later, on March 12, 2020, Apache announced that it had slashed its quarterly dividend by 90% (from $0.25 per share to just $0.025 per share) and was significantly reducing planned capital expenditures for the rest of 2020. On this news, the price of Apache common stock fell $0.49 per share, or approximately 6%, from a close of $8.25 per share on March 11, 2020, to close at $7.76 per share on March 12, 2020.

A few days later, on March 16, 2020, Seeking Alpha published an article pre-market noting that Apache was particularly challenged amongst its peers, carrying “the highest debt-to-equity ratio among large-cap independent [exploration and production companies],” and that “[t]he company doesn’t have a strong balance sheet” and its “financial health isn’t great.” The article observed that low gas prices had “forced Apache to shift capital away from the wet-gas rich Alpine High play which has been driving the company’s production growth.” The article noted that “Apache also reduced Alpine High’s value by $1.4 billion.” In response to this news and other investment research downgrades, Apache’s stock price fell $3.61 per share, or approximately 45%, over two trading days, from a close of $8.07 per share on Friday, March 13, 2020, to close at $4.46 per share on March 17, 2020.

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Details

Filed on 02/24/2021

Ticker NASDAQ:APA

Lead Plaintiff Deadline 04/26/2021

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Robert W. Killorin rkillorin@faruqilaw.com Phone (404) 847-0617 Fax (404) 506-9534

James M. Wilson, Jr. jwilson@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

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Our offices are nationwide. If you have any questions about a case or our firm, please contact us.

New York

685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

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10866 Wilshire Boulevard Suite 1470
Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania