NYSE: APC Investor Notice: A lawsuit against Anadarko Petroleum Corporation over alleged Securities Laws Violations

An investor, who purchased shares of Anadarko Petroleum Corporation (NYSE: APC), filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Anadarko Petroleum Corporation in connection with certain allegedly false and misleading statements made between February 20, 2015 and May 2, 2017.

Investors purchased a significant amount of shares of Anadarko Petroleum Corporation (NYSE: APC) between February 20, 2015 and May 2, 2017, have certain options and for certain investors are short and strict deadlines running. Deadline: April 20, 2020. NYSE: APC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

In August 2019, Anadarko Petroleum Corporation 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 " NYSE: APC"
In 2009, Anadarko Petroleum Corporation discovered the "Shenandoah" oil field in the Gulf of Mexico. 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). During that time, including throughout the Class Period, the defendants made repeated positive representations about the prospects and value of the Shenandoah assets.

On February 20, 2015, Anadarko Petroleum Corporation filed its annual report for the year ended December 31, 2014, with the SEC on a Form 10-K. In its annual report, Anadarko Petroleum Corporation reported that it had "spud the Shenandoah-3 well," which had "found approximately 50% (1,470 feet) more of the same reservoir sands 1,500 feet down-dip and 2.3 miles east of the Shenandoah-2 well, which encountered over 1,000 feet of net oil pay in excellent quality Lower Tertiary-aged sands." Anadarko Petroleum Corporation further stated that "[t]he Shenandoah-3 well confirmed the sand depositional environment, lateral sand continuity, excellent reservoir qualities, and down-dip thickening."

On May 2, 2017, Anadarko Petroleum Corporation filed financial results with the SEC on a Form 10-Q, for the first quarter of 2017. In the financial results, Anadarko Petroleum Corporation recorded a $467 million impairment charge and expensed $435 million in suspended exploratory well costs related to the Shenandoah project. Anadarko Petroleum Corporation stated that "[g]iven the results of [Shenandoah-6] and the present commodity-price environment, [Anadarko] has currently suspended further appraisal activities," and the Shenandoah exploratory well costs could no longer be capitalized.

Shares of Anadarko Petroleum Corporation fell $4.33 per share, or approximately 8%, from a close of $56.28 per share on May 2, 2017, to close at $51.95 per share on May 3, 2017.

The plaintiff claims that between February 20, 2015 and May 2, 2017, the defendants misrepresented and/or failed to disclose that the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated, that Anadarko lacked effective internal control over financial reporting, and that as a result of the foregoing, the defendants' statements about Anadarko's Shenandoah assets lacked a reasonable basis.

Those who purchased shares of Anadarko Petroleum Corporation (NYSE: APC) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.