Kessler Topaz Meltzer & Check, LLP Has Filed a Shareholder Class Action Lawsuit Against Apache Corporation (NASDAQ: APA) for Violations of Federal Securities Laws

By Benzinga10 days ago

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The law firm of Kessler Topaz Meltzer & Check, LLP announces that the firm has filed a securities fraud class action lawsuit against Apache Corporation (NASDAQ:APA) (“Apache“) on behalf of investors who purchased or acquired Apache common stock from September 7, 2016, through March 13, 2020, inclusive (the “Class Period“). This action, captioned Plymouth County Retirement System v. Apache Corporation, et al., Case No. 4:21-cv-00575, was filed in the United States District Court for the Southern District of Texas (Houston Division).

Important Deadline Reminder: Investors who purchased or otherwise acquired Apache common stock during the Class Period may, no later than April 26, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or please visit https://www.ktmc.com/apache-corporation-securities-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=apache.

Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Historically, the U.S. has represented nearly 60% of Apache's production and 70% of its estimated year-end proved reserves. One of the company's purported key “core growth areas“ was the Permian region in West Texas and New Mexico.

The Class Period commences on September 7, 2016, when Apache, while under immense pressure to show results from its new strategy and reverse its lagging share price, announced the discovery of a new resource play called Alpine High. John J. Christmann IV, Apache's Chief Executive Officer and President, touted the Alpine High discovery and its potential for large amounts of economic drilling opportunities stating at the time that “[w]e are incredibly excited about the Alpine High play and its large inventory of repeatable, high-value drilling opportunities,“ and that they are “looking forward to further delineat[e] what we believe will be a significant number of oil-prone locations.“ Following the Alpine High announcement, Apache's stock price increased more than 6%, to close at $55.13 per share on September 7, 2016.

Throughout the Class Period, the defendants claimed that Alpine High had valuable oil and gas reserves and promoted Alpine High as the centerpiece of its development business. For example, in a May 3, 2018 conference call with investors, Christmann asserted that Alpine High was “going very well ...

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