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Anadarko Petroleum Corporation Long Term Investor Files Lawsuit

  • If you are a current long term investor in common stock of Anadarko Petroleum Corporation (NYSE:APC), including also those investors who purchased their APC shares prior to June 2009 and continue to presently hold those shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Anadarko Petroleum Corporation
Security
NYSE: APC

Case Name
Anadarko Petroleum Corporation Derivative Case 09/13/2010
Type of Lawsuit
Stockholder Derivative Action
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Summary

An investor in Anadarko Petroleum filed a lawsuit alleging breaches of fiduciary duty by the board of directors of Anadarko in connection with Deepwater oil spill. The lawsuit on behalf of current long term Anadarko Petroleum Corporation (NYSE:APC) investors follows an earlier lawsuit on behalf of purchasers of APA common stock between June 12, 2009 and June 9, 2010, against Anadarko Petroleum Corp alleging violations of Federal Securities Laws.
Anadarko Petroleum Corporation, located in The Woodlands, Texas, is an independent oil and gas exploration and production company, with 2.3 billion barrels of oil equivalent of proved reserves as of December 31, 2009. Anadarko Petroleum Corporation reported in 2007 Total Revenue of $16.416billion, in 2008 $15.162billion, and in 2009 $9billion. According to the complaint on behalf of purchasers of APA common stock between June 12, 2009 and June 9, 2010 the plaintiff alleges that Anadarko Petroleum Corporation and certain of its officers made between June 12, 2009 and June 9, 2010 a series of materially false and misleading statements related to Anadarko Petroleum’s business and operations in violation of the Securities Exchange Act of 1934. In particular, plaintiff alleges that Anadarko Petroleum Corporation, 25% owner of the Macondo/Deepwater Horizon well, misled about the safety of the Deepwater Horizon well and downplayed its potential liability in the days after the fatal rig explosion and oil spill. After the oil spill shares of Anadarko Petroleum Corporation (APC) declined from almost $74 per share on April 20, 2010 to as low as $34.83 per share on June 09, 2010. Recently APC shares traded at $53.32 per share, still down from its 52weekHigh of over $75 per share.