NEW YORK, May 18, 2017 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Anadarko Petroleum Corporation securities (NYSE:APC) from February 17, 2016 through May 2, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Anadarko investors under the federal securities laws.
To join the Anadarko class action, go to http://rosenlegal.com/cases-1108.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The complaint alleges that defendants during the Class Period made false and misleading statements and/or 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) as a result, 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 home located within 170 feet of an Anadarko well. On April 26, 2017, The Denver Post reported that Anadarko “plans to shut down 3,000 vertical wells in northeastern Colorado” following the April 17 explosion. On this news, shares of Anadarko fell $2.84 per share or over 4% to close at $57.12 per share on April 27, 2017, damaging investors.
On May 2, 2017, the Frederick-Firestone Fire Protection District concluded that the fatal home explosion on April 17 was linked to a faulty gas line connected to an Anadarko well. On this news, shares of Anadarko fell $4.54 per share or over 8.07% to close at $51.74 per share on May 3, 2017, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1108.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.