According to the law firm press release, Anadarko Petroleum Corporation ("Anadarko") engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Oil and Gas Exploration and Production, Midstream, and Marketing.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Anadarko’s maintenance and safety protocols in respect to certain of its vertical wells were inadequate; (ii) due to the foregoing shortcomings, these wells were at an increased risk of explosion; and (iii) that as a result of the foregoing, Anadarko’s public statements were materially false and misleading at all relevant times.
On July 24, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 13. A corrected version of this Complaint was filed on November 2. On December 8, Defendants filed a Motion to Dismiss the amended Complaint. On June 19, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint. Lead Plaintiff filed a second amended Complaint on August 3. Defendants filed a Motion to Dismiss the second amended Complaint on October 12. On March 13, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff filed a Notice appealing the Court's Dismissal Order on April 10. On January 7, 2020, the Court of Appeals affirmed the judgment of the District Court.