ATP Oil & Gas Corporation (OTC: ATPAQ) Investor Securities Class Action Lawsuit 08/05/2013

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Company Name(s): 
ATP Oil & Gas
Case Name: 
ATP Oil & Gas Shareholder Class Action Lawsuit 08/05/2013
Case Status: 
Lawsuit Filed
Affected Securities
OTC: ATPAQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/05/2013
Class Period Begin: 
12/16/2010
Class Period End: 
08/17/2012
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
10/04/2013
Summary: 

August 5, 2013 - An investor in shares of ATP Oil & Gas Corporation (OTC: ATPAQ) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by ATP Oil & Gas Corporation in connection with certain allegedly false and misleading statements made between December 16, 2010 through August 17, 2012.

According to the complaint the plaintiff alleges on behalf of purchasers of ATP Oil & Gas Corporation (OTC: ATPAQ) common stock during the period between December 16, 2010 through August 17, 2012, that the defendants violated the Securities Exchange Act of 1934 and Securities Act of 1933.

ATP Oil & Gas Corporation reported that its annual Total Revenue increased from $298.49 million in 2009 to $687.21 million in 2011. However, its Net Loss increased from $48.96 million in 2009 to $337.55 million in 2010 and $191.90 million in 2011. On August 17, 2012, ATP Oil & Gas Corporation announced that it was filing for Chapter 11 bankruptcy. Shares of ATP Oil & Gas Corporation (OTC: ATPAQ) declined from as high as $22.64 per share in April 2010 to as low as 0.04 per share in Feb 2013.

The plaintiff alleges that defendants materially misstated and/or failed to disclose that ATP Oil & Gas Corporation severely downplayed the impact that the United States Department of Interior moratoria had on ATP Oil & Gas Corporation's business and revenues, that ATP Oil & Gas Corporation violated the provisions of certain credit agreements to which ATP Oil & Gas Corporation was a party, and misstated ATP Oil & Gas Corporation’s liquidity and financial position.

The plaintiff claims that as a result of this misconduct, ATP Oil & Gas Corporation investors lost nearly the entire value of their investment as ATP Oil & Gas Corporation declared bankruptcy.

On August 12, 2013, ATP Oil & Gas Corporation (OTC: ATPAQ) shares closed at $0.047 per share.