According to the law firm press release, ATP is engaged in the acquisition, development, and production of oil and natural gas properties. The Company seeks to acquire and develop properties with proven undeveloped reserves in the Gulf of Mexico and North Sea that are economically attractive, but not strategic to, major or large independent exploration-oriented oil and gas companies. ATP also has licenses for exploration in the Mediterranean Sea. On August 17, 2012, the Company announced that it was filing for Chapter 11 bankruptcy. The complaint alleges that the defendants misrepresented or failed to disclose material adverse facts in their publicly filed Exchange materials. Specifically, ATP made false and/or misleading statements and/or failed to disclose material adverse facts concerning: (1) the impact that two successive United States Department of the Interior moratoria for deepwater drilling operations in the Gulf of Mexico had on the Company's operations and revenues; and (2) the Company's breach of certain credit agreements by engaging in "disguised financing" arrangements that were designed to evade the requirements of such credit agreements.
On August 15, 2013, Plumbers and Pipefitters National Pension Fund was appointed Lead Plaintiff and their selection of Robbins Geller Rudman & Dowd LLP was appointed lead plaintiff in this action.
On October 10, 2013, an Amended Complaint for Violation of the Federal Securities Laws was filed by the lead plaintiffs against the defendants.
On December 6, 2013, additional investors were appointed as co-lead plaintiff and their selections of law firms were appointed as co-lead counsel.
On February 18, 2014, the plaintiffs filed a Consolidated Class Action Complaint against the defendants alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On September 26, 2014, the Court granted the defendants' motion and dismissed the some of the plaintiff's claims with prejudice and others without prejudice with leave to amend.
On November 3, 2014, the plaintiff filed a Second Amended Complaint for Violations of the Federal Securities Laws.
On November 21, 2014, the Court granted the defendants' motion to dismiss plaintiffs' Exchange Act and Section 20(a) claims without prejudice and with leave to amend within 21 days of the Order and Reasons. An Amended Complaint was filed on January 20, 2015.
On August 14, 2015, the Court issued an Order granting defendants' motions and dismissing this case with prejudice. A Notice of Appeal of this decision was filed on December 21, 2015.