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BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Apache Corporation ("Apache" or the "Company") (NASDAQ: APA) common stock between September 7, 2016 and March 13, 2020, inclusive (the "Class Period"). Apache investors have until April 26, 2021 to file a lead plaintiff motion.
Investors suffering losses on their Apache investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 23, 2019, pre-market, the Company announced that it had begun a "[t]emporary" deferral of natural gas production at its Alpine High oil-and-gas resource play in the Permian Basin.
On this news, Apache's stock price fell $4.03, or nearly 11%, over the next four trading days, to close at $33.06 per share on April 26, 2019, thereby injuring investors.
On October 25, 2019, Apache's Senior Vice President of Worldwide Exploration, Steven Keenan, abruptly resigned from the Company.
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On this news, Apache's stock price fell $1.16, or 5%, to close at $22.07 per share on October 25, 2019, thereby injuring investors.
Then, on February 26, 2020, post-market, the Company 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, Apache's stock price fell $0.49, or approximately 6%, to close at $7.76 per share on March 12, 2020, thereby injuring investors.
Finally, on March 16, 2020, Seeking Alpha published an article pre-market noting that Apache was particularly challenged among its peers, as the Company carried "the highest debt-to-equity ratio among large-cap independent [exploration and production companies]," that "[t]he company doesn't have a strong balance sheet" and that its "financial health isn't great."
On this news and other investment research downgrades, Apache's stock price fell $3.61, or approximately 45%, over two trading days, to close at $4.46 per share on March 17, 2020, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 Apache's operations in the Permian Basin; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Apache common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Investors suffering losses on their Apache investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 23, 2019, pre-market, the Company announced that it had begun a "[t]emporary" deferral of natural gas production at its Alpine High oil-and-gas resource play in the Permian Basin.
On this news, Apache's stock price fell $4.03, or nearly 11%, over the next four trading days, to close at $33.06 per share on April 26, 2019, thereby injuring investors.
On October 25, 2019, Apache's Senior Vice President of Worldwide Exploration, Steven Keenan, abruptly resigned from the Company.
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On this news, Apache's stock price fell $1.16, or 5%, to close at $22.07 per share on October 25, 2019, thereby injuring investors.
Then, on February 26, 2020, post-market, the Company 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, Apache's stock price fell $0.49, or approximately 6%, to close at $7.76 per share on March 12, 2020, thereby injuring investors.
Finally, on March 16, 2020, Seeking Alpha published an article pre-market noting that Apache was particularly challenged among its peers, as the Company carried "the highest debt-to-equity ratio among large-cap independent [exploration and production companies]," that "[t]he company doesn't have a strong balance sheet" and that its "financial health isn't great."
On this news and other investment research downgrades, Apache's stock price fell $3.61, or approximately 45%, over two trading days, to close at $4.46 per share on March 17, 2020, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 Apache's operations in the Permian Basin; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Apache common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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