Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of Texas on behalf of shareholders of Apache Corporation who purchased shares between September 7, 2016 and March 13, 2020.
Apache and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 12, 2020, the Company disclosed it was slashing its quarterly dividend per share “from $0.25 to $0.025” and that, “[o]ver the coming weeks, the company will reduce its Permian rig count to zero, limiting exposure to short-cycle oil projects.” Then, on March 16, 2020, pre-market, Seeking Alpha issued a report noting that the Company was carrying “the highest debt-to-equity ratio among large-cap independent [exploration and production companies],” that “[t]he company doesn’t have a strong balance sheet” and its “financial health isn’t great,” among other things.
On this news, shares of Apache plummeted approximately 45%, over two trading days, from a close of $8.07 per share on March 13, 2020, to close at $4.46 per share on March 17, 2020.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 26, 2021 to request that the court appoint them lead plaintiff.