Anadarko Petroleum Corporation (NYSE: APC) Investor Securities Class Action Lawsuit 02/19/2020

If you purchased a significant amount of shares of Anadarko Petroleum Corporation (NYSE: APC) between February 20, 2015 and May 2, 2017, and / or if you purchased any NYSE: APC shares prior to February 2015 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 20, 2020. NYSE: APC investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Anadarko Petroleum Corporation
Case Name: 
Anadarko Petroleum Corporation Shareholder Class Action Lawsuit 02/19/2020
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 

An investor in shares of Anadarko Petroleum Corporation (NYSE: APC) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Anadarko Petroleum Corporation in connection with certain allegedly false and misleading statements made between February 20, 2015 and May 2, 2017.

In August 2019, Anadarko Petroleum Corporation 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 ticker symbol " NYSE: APC"
In 2009, Anadarko Petroleum Corporation discovered the "Shenandoah" oil field in the Gulf of Mexico. After drilling an initial exploratory well named Shenandoah-1, Anadarko spent the following eight years appraising the field by drilling and evaluating five appraisal wells (Shenandoah-2, Shenandoah-3, Shenandoah-4, Shenandoah-5 and Shenandoah-6). During that time, including throughout the Class Period, the defendants made repeated positive representations about the prospects and value of the Shenandoah assets.

On February 20, 2015, Anadarko Petroleum Corporation filed its annual report for the year ended December 31, 2014, with the SEC on a Form 10-K. In its annual report, Anadarko Petroleum Corporation reported that it had "spud the Shenandoah-3 well," which had "found approximately 50% (1,470 feet) more of the same reservoir sands 1,500 feet down-dip and 2.3 miles east of the Shenandoah-2 well, which encountered over 1,000 feet of net oil pay in excellent quality Lower Tertiary-aged sands." Anadarko Petroleum Corporation further stated that "[t]he Shenandoah-3 well confirmed the sand depositional environment, lateral sand continuity, excellent reservoir qualities, and down-dip thickening."

On May 2, 2017, Anadarko Petroleum Corporation filed financial results with the SEC on a Form 10-Q, for the first quarter of 2017. In the financial results, Anadarko Petroleum Corporation recorded a $467 million impairment charge and expensed $435 million in suspended exploratory well costs related to the Shenandoah project. Anadarko Petroleum Corporation stated that "[g]iven the results of [Shenandoah-6] and the present commodity-price environment, [Anadarko] has currently suspended further appraisal activities," and the Shenandoah exploratory well costs could no longer be capitalized.

Shares of Anadarko Petroleum Corporation fell $4.33 per share, or approximately 8%, from a close of $56.28 per share on May 2, 2017, to close at $51.95 per share on May 3, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Anadarko Petroleum Corporation (NYSE: APC) common shares between February 20, 2015 and May 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 20, 2015 and May 2, 2017, the defendants misrepresented and/or failed to disclose that the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated, that Anadarko lacked effective internal control over financial reporting, and that as a result of the foregoing, the defendants' statements about Anadarko's Shenandoah assets lacked a reasonable basis.