8 ore 19 feb 2020 anni - Firefighters' Pension Fund vs. Anadarko

Descrizione:

Former Anadarko engineer files class action lawsuit on behalf of the Georgia Firefighters Pension fund lawsuit from firefighters & other similarly situated investors, states fraudulently stated to investors that its holdings in the Shenandoah field, located in the Gulf about 170 miles off of the coast of Louisiana, would produce lucrative profits


Ga. Firefighters' Pension Fund v. Anadarko Petroleum Corp.
Opinion
CASE NO. 4:20-CV-0576

GEORGIA FIREFIGHTERS' PENSION FUND, Individually and on Behalf of All Others Similarly Situated, Plaintiff, v. ANADARKO PETROLEUM CORPORATION, R.A. WALKER, ROBERT G. GWIN, and ROBERT P. DANIELS, Defendants.

NANCY F. ATLAS SENIOR UNITED STATES DISTRICT JUDGE

MEMORANDUM AND ORDER

Before the Court in this securities fraud class action is a Motion for Appointment as Lead Plaintiff and Approval of Lead Plaintiff's Selection of Counsel [Doc. # 25] ("Motion") filed by a group of putative class members—Norfolk County Council as Administering Authority of the Norfolk Pension Fund, Iron Workers Local #580 Joint Funds, and Building Trades United Pension Trust Fund (the "Norfolk County Group"). Based on the Norfolk County Group's briefing, pertinent matters of record, and relevant legal authority, the Court grants the Norfolk County Group's Motion.

I. BACKGROUND
This is a federal securities class action brought on behalf of investors who purchased publicly traded securities of Anadarko Petroleum Corporation ("Anadarko") between February 20, 2015, and May 2, 2017, inclusive (the "Class Period"). The class is seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

Anadarko is an energy company that develops oil and natural gas resources in the United States and worldwide. In August 2019, Anadarko became an indirect, wholly owned subsidiary of Occidental Petroleum Corporation ("Occidental"). Prior to Anadarko's acquisition by Occidental, Anadarko common stock traded on the New York Stock Exchange under the symbol "APC." Defendants R.A. Walker, Robert Gwin, and Robert Daniels (the "Individual Defendants") held executive positions at Anadarko during the Class Period.

In 2009, Anadarko discovered the "Shenandoah" oil field in the Gulf of Mexico. Anadarko spent the following eight years appraising the field. Plaintiffs allege that during this time, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the value of the Shenandoah field and the results of appraisal wells drilled in the Shenandoah field. On May 2, 2017, Anadarko reported quarterly financial results in which it recorded a $468 million impairment charge and expensed $435 million in suspended costs related to the Shenandoah field. The price of Anadarko Common stock fell approximately 8% in the 24 hours following this news.

On February 19, 2020, the Georgia Firefighters' Pension Fund filed this action and published a notice in PR Newswire informing class members of their right to move to be appointed as lead plaintiff. On April 20, 2020, the Norfolk County Group moved to be appointed as lead plaintiff and have their choice of counsel appointed as lead counsel.



Information sourced from:
wikipedia.org/wiki/Anadarko_Petroleum

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