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Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Apache Corporation To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - April 20, 2021) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Apache Corporation ("Apache" or the "Company") (NASDAQ: APA) and reminds investors of the April 26, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Apache stock or options between September 7, 2016 and March 13, 2020 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/APA.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, 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: (1) Apache intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (2) Apache did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they existed in the amounts purported; (3) these misleading statements and omissions artificially inflated the value of the Company's operations in the Permian Basin; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
Specifically, on April 23, 2019, before financial markets opened, Apache announced that it had begun a "[t]emporary" deferral of natural gas production at Alpine High. In response to this news, Apache's stock price fell $4.03 per share, or nearly 11% over the next four trading days, from a close of $37.09 per share on April 22, 2019, to close at $33.06 per share on April 26, 2019.
Then, on October 25, 2019, Apache's Senior Vice President of Worldwide Exploration, Steven Keenan, abruptly resigned from the Company. In response to this announcement, Apache's stock price dropped $1.16, or approximately 5%, from a close of $23.23 per share on October 24, 2019, to close at $22.07 per share on October 25, 2019. Apache's stock traded as low as $20.57 per share on October 25, 2019, an intra-day drop of approximately 11.5%, prompting Bloomberg to issue a story titled "Apache Executive's Departure Sparks Worst Rout Since 2016."
A few months later, on February 26, 2020, after the close of the markets, Apache announced that it was completely de-valuing Alpine High after taking a $3 billion write down on the project. Two weeks later, on March 12, 2020, Apache announced that it had slashed its quarterly dividend by 90% (from $0.25 per share to just $0.025 per share) and was significantly reducing planned capital expenditures for the rest of 2020. On this news, the price of Apache common stock fell $0.49 per share, or approximately 6%, from a close of $8.25 per share on March 11, 2020, to close at $7.76 per share on March 12, 2020.
A few days later, on March 16, 2020, Seeking Alpha published an article pre-market noting that Apache was particularly challenged amongst its peers, carrying "the highest debt-to-equity ratio among large-cap independent [exploration and production companies]," and that "[t]he company doesn't have a strong balance sheet" and its "financial health isn't great." The article observed that low gas prices had "forced Apache to shift capital away from the wet-gas rich Alpine High play which has been driving the company's production growth." The article noted that "Apache also reduced Alpine High's value by $1.4 billion." In response to this news and other investment research downgrades, Apache's stock price fell $3.61 per share, or approximately 45%, over two trading days, from a close of $8.07 per share on Friday, March 13, 2020, to close at $4.46 per share on March 17, 2020.
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 Apache'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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81113.