Anadarko Petroleum Corporation
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of those who Anadarko Petroleum Corporation (“Anadarko” or the “Company”) (NYSE: APC) securities during the period from February 20, 2015 through May 2, 2017. Investors have until April 20, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Anadarko failed to disclose that: (i) the value of Shenandoah oil field assets and the success of the Shenandoah appraisal wells were overstated; and (ii) the Company lacked effective internal control over financial reporting.
On May 2, 2017, Anadarko reported that it had 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. On this news, the price of Anadarko stock fell $4.33, or 7.7%, to close at $51.95 per share on May 3, 2017.
On November 4, 2019, allegations in a whistleblower case against Anadarko were publicly disclosed that revealed that Defendants had fraudulently overstated the value of its Shenandoah assets.
If you acquired Anadarko securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.