NEW YORK, March 3, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Apache Corporation ("Apache" or the "Company")(NASDAQ: APA). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Apache and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 23, 2019, pre-market, Apache announced that it had begun a "[t]emporary" deferral of natural gas production at its Alpine High oil-and-gas resource play in the Permian Basin. On this news, Apache's stock price fell $4.03 per share, or nearly 11%, over the next four trading days, closing at $33.06 per share on April 26, 2019.
Then, on October 25, 2019, Apache's Senior Vice President of Worldwide Exploration, Steven Keenan, abruptly resigned from the Company. On this news, Apache's stock price fell $1.16 per share, or approximately 5%, to close at $22.07 per share on October 25, 2019.
A few months later, on February 26, 2020, post-market, Apache announced that it was completely de-valuing Alpine High after taking a $3 billion write-down on the project. Two weeks later, on March 12, 2020, Apache announced that it had slashed its quarterly dividend by 90% (from $0.25 per share to just $0.025 per share) and was significantly reducing planned capital expenditures for the rest of 2020. On this news, Apache's stock price fell $0.49 per share, or approximately 6%, to close at $7.76 per share on March 12, 2020.
Finally, on March 16, 2020, Seeking Alpha published an article pre-market noting that Apache was particularly challenged among its peers, as the Company carried "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 that its "financial health isn't great." The article further observed that low gas prices had "forced Apache to shift capital away from the wet-gas rich Alpine High play which has been driving the company's production growth." The article noted that "Apache also reduced Alpine High's value by $1.4 billion." On this news and other investment research downgrades, Apache's stock price fell $3.61 per share, or approximately 45%, over two trading days, closing at $4.46 per share on March 17, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
