Saxena White P.A. Files Securities Fraud Class Action Against Apache Corporation
BOCA RATON, FL — (February 24, 2021) – Saxena White P.A. has filed a securities fraud class action lawsuit (the “Class Action”) in the United States District Court for the Southern District of Texas against Apache Corporation (“Apache” or the “Company”) (NASDAQ: APA) on behalf of all persons or entities who purchased or otherwise acquired Apache common stock between September 7, 2016 and March 13, 2020, inclusive (the “Class Period”).
If you purchased Apache common stock during the Class Period and wish to apply to be lead plaintiff, a motion on your behalf must be filed with the Court no later than April 26, 2021. You may contact David Kaplan (firstname.lastname@example.org), an attorney and Director at Saxena White P.A., to discuss your rights regarding the appointment of lead plaintiff or your interest in the Class Action. You may also retain counsel of your choice and need not take any action at this time to be a Class member.
Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Within the United States, Apache’s purported “core growth area” was an oil and gas field known as “Alpine High” located along the western edge of the Permian Basin in West Texas. By January 2016, Apache had purchased over 300,000 acres in the Permian Basin, including as part of the highly touted Alpine High project.
As alleged in the Class Action Complaint, throughout the Class Period, Defendants made materially false and misleading statements regarding Apache’s operations and financial health, including the viability and profitability of Alpine High. Specifically, Defendants issued materially false and/or misleading statements and failed to disclose that: (i) Apache intentionally used unrealistic assumptions regarding the amount and composition of available gas and oil in Alpine High; (ii) Apache did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they did in fact exist in the amounts purported; (iii) the foregoing misleading statements and omissions served to artificially inflate the value of the Company’s operations in the Permian Basin and Alpine High specifically; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. The truth emerged through a series of disclosures that caused Apache’s stock price to fall and investors to suffer substantial losses. You may obtain a copy of the Complaint and inquire about actively joining the Class Action at www.saxenawhite.com.
Saxena White P.A., with offices in Florida, New York, Delaware, and California, is a leading national law firm focused on prosecuting securities class actions and other complex litigation on behalf of injured investors. Currently serving as lead counsel in numerous securities fraud class actions nationwide, Saxena White has recovered billions of dollars on behalf of injured investors.