Anadarko Petroleum Corporation

Period: Feb 17, 2016 to May 2, 2017

Lead Plaintiff Deadline: Jul 3, 2017

Summary of Case:

A securities class action has been filed against Anadarko Petroleum Corporation (APC) on behalf of all persons who purchased or otherwise acquired Anadarko securitiesbetween February 17, 2016 to May 2, 2017.  This case has been filed in the USDC - Texas (Southern).

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.

If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.

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