NEW YORK, May 19, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Anadarko Petroleum Corporation. ("Anadarko" or the "Company") (NYSE: APC).
A class action has been filed in the United States District Court for the Southern District of Texas against Anadarko, as well as the CEO and CFO of the Company, on behalf of investors who purchased or otherwise acquired Anadarko securities between February 17, 2016 and May 2, 2017, inclusive (the "Class"), alleging violations of the Securities Exchange Act of 1934.
On April 17, 2017, a deadly Colorado home explosion killed two individuals and critically injured another. Anadarko has acknowledged that the explosion occurred about 200 feet from an older vertical well operated by Anadarko.
On April 26, 2017 after the market closed, Anadarko announced that out of "an abundance of caution" the Company was shutting down 3,000 vertical wells in northeastern Colorado.
Following this news, Anadarko's share price fell by $2.84 per share, or 4.74%, to close at $57.12 per share on April 27, 2017.
As alleged in the complaint, 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 reportedly 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.
Following the May 2, 2017 news, Anadarko's share price fell $4.33 per share, nearly 8%, to close at $51.95 on May 3, 2017.
The complaint alleges that throughout the Class Period the defendants made false and/or misleading statements, as well as failed to disclose that (1) Anadarko's maintenance and safety protocols in respect to certain of its vertical wells were inadequate; (2) due to the foregoing shortcomings, these wells were at an increased risk of explosion; and (3) that as a result of the foregoing, Anadarko's public statements were materially false and misleading at all relevant times.
If you are a member of the proposed Class, you may move the court no later than July 3, 2017 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or email@example.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
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SOURCE Kaplan Fox & Kilsheimer LLP