ANADARKO PETROLEUM ALERT: 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 Petroleum” or the
“Company”) (NYSE:APC) of the July 3, 2017 deadline to seek the role of
lead plaintiff in a federal securities class action that has been filed
against the Company.
If you invested in Anadarko Petroleum stock or options between
February 17, 2016 and May 2, 2017 and would like to discuss your
legal rights, click here: www.faruqilaw.com/APC.
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 rgonnello@faruqilaw.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
securities between February 17, 2016 and May 2, 2017 (the “Class
Period”). The case, Edgar v. Anadarko Petroleum Corporation et al,
No. 4:17-cv-01372 was filed on May 3, 2017.
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: (i) the Company’s maintenance and
safety protocols in respect to certain of its vertical wells were not
adequate; (ii) due to the aforementioned, these wells were at an
increased risk of explosion; and (iii) as a result, the Company’s public
statements were materially false and misleading.
Specifically, on April 17, 2017, a deadly explosion killed two
individuals and critically injured another in a recently built home
located within 170 feet of an Anadarko Petroleum well. Then, after
market close on April 26, 2017, the Denver Post reported that the
Company “plans to shut down 3,000 vertical wells in northeastern
Colorado” following the aforementioned explosion.
On this news, Anadarko Petroleum’s share price fell from $59.96 per
share on April 26, 2017 to a closing price of $57.12 on April 27, 2017
—a $2.84 or a 4.74% drop.
Later, on May 2, 2017, the Frederick-Firestone Fire Protection District
concluded that the fatal home explosion was linked to a faulty gas line
connected to an old well owned by Anadarko Petroleum. Officials stated
that the gas line had been abandoned, but not disconnected from the
wellhead and sealed at both ends. Subsequently, the line only stopped
leaking gas after Anadarko shut down 3,000 wells in the region following
the explosion.
On this news, Anadarko Petroleum’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 a 7.69% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Anadarko Petroleum’s conduct to contact the firm, including
whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
manner.
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