Pomerantz Law Firm Announces the Filing of a Class Action against Apache Corporation and Certain Officers - APA
NEW YORK, March 6, 2021 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Apache Corporation ("Apache" or the "Company") (NASDAQ: APA) and certain of its officers. The class action, filed in the United States District Court for the Southern District of Texas, Houston Division, and docketed under 21-cv-00722, is on behalf of a class consisting of all persons or entities that purchased or otherwise acquired Apache common stock from September 7, 2016 through March 13, 2020, inclusive (the "Class Period"), seeking remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). The action alleges that Defendants engaged in a fraudulent scheme to artificially inflate the Company's stock price in violation of Sections 10(b) and 20(a) of the Exchange Act.
If you are a shareholder who purchased Apache common stock during the Class Period, you have until April 26, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Apache currently has exploration and production operations in three geographic areas: the U.S., Egypt, and offshore United Kingdom in the North Sea, and is developing a purported new find in offshore Suriname. Historically, the U.S. has represented nearly 60% of the Company's production and 70% of its estimated year-end proved reserves. At all relevant times, one of the Company's purported key "core growth areas" was the Permian region in West Texas and New Mexico.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's operations and financial health, including the viability and profitability of a purported large oil-and-gas resource play in the Permian Basin called Alpine High. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (i) Apache intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (ii) Apache did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they existed in the amounts purported; (iii) these misleading statements and omissions artificially inflated the value of the Company's operations in the Permian Basin; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.