NEW YORK, May 23, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Anadarko Petroleum Corporation (“Anadarko” or the “Company”) (NYSE:APC) and certain of its officers, on behalf of shareholders who purchased Anadarko securities between February 17, 2016 and May 2, 2017, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/apc.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and 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) consequently, 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. On April 26, 2017, The Denver Post reported that Anadarko “plans to shut down 3,000 vertical wells in northeastern Colorado after a fatal home explosion in Firestone near one of its wells.” Following this news, Anadarko stock dropped $2.84 per share, or 4.73%, to close at $57.12 on April 27, 2017.
On May 2, 2017, the Frederick-Firestone Fire Protection District, together with the Firestone Police Department and the Colorado Bureau of Investigation, determined that the fatal home explosion was due to a faulty gas line connected to an old well owned by Anadarko. Officials said that the gas line was abandoned, but not disconnected from the wellhead and sealed at both ends. As a result, the line only stopped leaking gas after Anadarko shut down 3,000 wells in the region following the explosion. Following this news, Anadarko stock dropped $4.54 per share, or 8.07%, to close at $51.74 on May 3, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/apc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Anadarko you have until July 3, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.