Anadarko Petroleum Corporation Shareholder Investigation: Class Action Lawsuit Filed
March 05, 2020 at 16:55 PM EST
BOSTON, MA / ACCESSWIRE / March 5, 2020 / Thornton Law Firm LLP announces that it is investigating a lawsuit filed against Anadarko Petroleum Corporation on behalf of Anadarko shareholders (NYSE:APC). APC investors who have purchased at least 100,000 shares of APC stock between February 20, 2015 and May 2, 2017, that are interested to learn more about the case and the lead plaintiff process, are encouraged to visit https://www.tenlaw.com/cases/apc. Shareholders may also contact the Thornton Law Firm at firstname.lastname@example.org, or call 617-531-3917. Interested APC shareholders have until April 20, 2020, to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member.
FOR MORE INFORMATION: https://www.tenlaw.com/cases/apc.
Anadarko Petroleum Corporation is an energy company that develops oil and natural gas resources in the United States and worldwide. In August 2019, Anadarko became an indirect, wholly owned subsidiary of Occidental Petroleum Corporation ("Occidental"). Prior to Anadarko's acquisition by Occidental, Anadarko common stock traded on the New York Stock Exchange under the ticker symbol "APC."
The Complaint alleges that in 2009, Anadarko discovered the "Shenandoah" oil field in the Gulf of Mexico. It is alleged that after drilling an initial exploratory well named Shenandoah-1, Anadarko spent the following eight years appraising the field by drilling and evaluating five appraisal wells (Shenandoah-2, Shenandoah-3, Shenandoah-4, Shenandoah-5 and Shenandoah-6). It is alleged that during that time, including throughout the Class Period, the Defendants made repeated positive representations about the prospects and value of the Shenandoah assets.
The Complaint alleges that, throughout the Class Period, the Defendants misrepresented or failed to disclose that: (1) the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated; (2) Anadarko lacked effective internal control over financial reporting; and (3) as a result of the foregoing, the Defendants' statements about Anadarko's Shenandoah assets lacked a reasonable basis. It is alleged that when the market learned the truth about Anadarko, investors suffered damages.
If you have purchased at least 100,000 shares of APC stock (NYSE:APC), please contact the Thornton Law Firm's shareholder rights team at email@example.com, or call 617-531-3917 to discuss the lead plaintiff process.
FOR MORE INFORMATION: https://www.tenlaw.com/cases/apc
Thornton Law Firm's securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Guillaume O. Buell
SOURCE: Thornton Law Firm LLP
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