Anadarko Petroleum Faces Securities Class Action
WASHINGTON, DC (May 10, 2017) — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against Anadarko Petroleum Corporation (“Anadarko” or the “Company”) (NYSE:APC) and certain of its officers. The case has been filed in United States District Court for the Southern District of Texas and docketed under 17-cv-01372. The class action is on behalf of investors who purchased or otherwise acquired Anadarko securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Live securities between February 6, 2016 and May 2, 2017, you have until July 5, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. To discuss this action, contact David P. Abel at [email protected].
Allegations Against Anadarko
Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Oil and Gas Exploration and Production, Midstream, and Marketing.
The lawsuit alleges that defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Defendants made false and/or misleading statements and/or failed to disclose: (i) Anadarko’s maintenance and safety protocols in respect to certain of its vertical wells were inadequate; (ii) due to the foregoing shortcomings, these wells were at an increased risk of explosion; and (iii) that as a result of the foregoing, Anadarko’s public statements were materially false and misleading at all relevant times.
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 well.
On April 26, 2017, post-market, The Denver Post reported that Anadarko “plans to shut down 3,000 vertical wells in northeastern Colorado” following the April 17 explosion. On this news, Anadarko’s share price fell $2.84, or 4.73%, to close at $57.12 on April 27, 2017.
On May 2, 2017, the Frederick-Firestone Fire Protection District, through a joint effort with the Firestone Police Department and with the assistance of the Colorado Bureau of Investigation, concluded that the fatal home explosion on April 17 was linked to a faulty gas line connected to an old well owned by Anadarko. Officials stated that the gas line had been abandoned, but not disconnected from the wellhead and sealed at both ends. Consequently, the line only stopped leaking gas after Anadarko shut down 3,000 wells in the region following the explosion.
About USMA
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
Contact
David P. Abel
(202) 274-0237
[email protected]