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Case Status:    SETTLED
On or around 05/27/2014 (Ongoing date of last review)

Filing Date: June 23, 2010

According to a press release dated June 24 2010, the complaint charges Anadarko, 25% owner of the Macondo/Deepwater Horizon well currently leaking millions of gallons of oil into the Gulf of Mexico, with failing to disclose, among other things: that there was no effective Exploration and Oil Spill Response Plan for Macondo/Deepwater Horizon; that BP implemented drilling procedures solely to cut costs at the expense of safety; that the Company lacked adequate systems of internal, operational or financial controls to maintain adequate insurance reserves or to meet the known or foreseeable risks associated with its deepwater drilling liabilities; and that defendants lacked any reasonable basis to claim that Anadarko was operating according to plan, or that Anadarko could achieve guidance sponsored and/or endorsed by defendants.

On April 20, 2010, the Macondo/Deepwater Horizon rig exploded killing 11 platform workers and injuring 17 others. In the wake of this tragedy, defendants continued to issue materially false and misleading statements representing that the Company would likely incur only approximately $177.5 million in liability for its part in the Macondo/Deepwater Horizon venture. However, these statements were materially false and misleading.

On June 1, 2010, the public began to learn the truth about Anadarko's business, operations, management, and the intrinsic value of Anadarko common stock when it was reported that the Macondo/Deepwater Horizon well could not be capped and investors came to realize there was effectively no plan in place to stop the spill. That day, shares of Anadarko fell almost $10.00 per share -- or approximately 20% -- falling from a close of $42.10 per share, from a prior day's close of $52.33 per share, on huge volume of over 44.8 million shares traded.

Shortly thereafter, on June 9, 2010, shares of Anadarko fell another 20% after investors learned of the material deficiencies in the Macondo/Deepwater Horizon Exploration and Oil Spill Response Plan, via the Huffington Post, and further learned that the Company would now be responsible for over $1 billion in clean up costs.

On November 16, 2010, an Order was issued appointing Lead Plaintiff and Lead Counsel in this case.

On January 31, 2011, a consolidated class action complaint was filed by the lead plaintiffs against the defendants.

On March 19, 2012, the Court issued an Order transferring this case to the Southern District of Texas.

On April 16, 2012, the Court issued an Order consolidated cases under Master Docket No. 4:12-cv-00900.

On July 20, 2012, the plaintiffs filed an amended consolidated complaint.

On May 16, 2014, the parties entered into a Stipulation of Settlement.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: APC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 10-CV-4905
JUDGE: Hon. Kimba M. Wood
DATE FILED: 06/23/2010
CLASS PERIOD START: 06/12/2009
CLASS PERIOD END: 06/09/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  2. Kahn Swick & Foti, LLC (Updated New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC (Updated New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 12-CV-00900
JUDGE: Hon. Kimba M. Wood
DATE FILED: 07/20/2012
CLASS PERIOD START: 06/12/2009
CLASS PERIOD END: 06/09/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ajamie LLP
    711 Louisiana, Suite 2150, Ajamie LLP, TX 77002
    713.860.1600 713.860.1699 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
No Document Title Filing Date