NEW YORK, May 19, 2017 /PRNewswire/ -- Kaplan Fox
& Kilsheimer LLP (www.kaplanfox.com) is investigating claims on
behalf of investors of Anadarko Petroleum Corporation. ("Anadarko"
or the "Company") (NYSE: APC).
A class action has been filed in the United States District
Court for the Southern District of Texas against Anadarko, as well as the CEO and
CFO of the Company, on behalf of investors who purchased or
otherwise acquired Anadarko securities between February 17, 2016 and May
2, 2017, inclusive (the "Class"), alleging violations of the
Securities Exchange Act of 1934.
On April 17, 2017, a deadly
Colorado home explosion killed two
individuals and critically injured another. Anadarko has
acknowledged that the explosion occurred about 200 feet from an
older vertical well operated by Anadarko.
On April 26, 2017 after the market
closed, Anadarko announced that out of "an abundance of caution"
the Company was shutting down 3,000 vertical wells in northeastern
Colorado.
Following this news, Anadarko's share price fell by $2.84 per share, or 4.74%, to close at
$57.12 per share on April 27, 2017.
As alleged in the complaint, on May 2,
2017, the Frederick-Firestone Fire Protection District,
through a joint effort with the Firestone Police Department and with the
assistance of the Colorado Bureau of Investigation, concluded that
the fatal home explosion on April 17
was linked to a faulty gas line connected to an old well owned by
Anadarko. Officials reportedly stated that the gas line had
been abandoned, but not disconnected from the wellhead and sealed
at both ends. Consequently, the line only stopped leaking gas
after Anadarko shut down 3,000 wells in the region following the
explosion.
Following the May 2, 2017 news,
Anadarko's share price fell $4.33 per
share, nearly 8%, to close at $51.95
on May 3, 2017.
The complaint alleges that throughout the Class Period the
defendants made false and/or misleading statements, as well as
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) that as a result of the
foregoing, Anadarko's public statements were materially false and
misleading at all relevant times.
If you are a member of the proposed Class, you may move the
court no later than July 3, 2017 to
serve as a lead plaintiff for the purported class. You need
not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
jcampisi@kaplanfox.com or lking@kaplanfox.com or by calling
800-290-1952.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP