|Company Name||Anadarko Petroleum Corporation|
|Class Period||February 20, 2015 to May 2, 2017|
|Motion Deadline||April 20, 2020|
A lawsuit has been filed on behalf of shareholders of Anadarko Petroleum Corporation (NYSE: APC) alleging that Anadarko and certain executives violated the federal securities laws. Investors who purchased Anadarko stock between February 20, 2015 and May 2, 2017, that are interested in participating in the lawsuit as a lead plaintiff, are encouraged to submit your information below. Investors may also email the firm to obtain information at email@example.com or call (617) 531-3917.
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.
Investors who purchased APC securities between February 20, 2015 and May 2, 2017, are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting your information below. Interested APC shareholders have until April 20, 2020, to apply to be lead plaintiff. The class has not yet been certified. Investors who do not wish to be a lead plaintiff need not take any action.
The 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.