According to the Plaintiff law firm's press release, Anadarko Petroleum Corporation is an energy company that develops oil and natural gas resources in the United States and worldwide. In August 2019, Anadarko became an indirect, wholly owned subsidiary of Occidental Petroleum Corporation ("Occidental"). Prior to Anadarko's acquisition by Occidental, Anadarko common stock traded on the New York Stock Exchange under the ticker symbol "APC."
In 2009, Anadarko discovered the "Shenandoah" oil field in the Gulf of Mexico. After drilling an initial exploratory well named Shenandoah-1, Anadarko spent the following eight years appraising the field by drilling and evaluating five appraisal wells (Shenandoah-2, Shenandoah-3, Shenandoah-4, Shenandoah-5 and Shenandoah-6). During that time, including throughout the Class Period, the Defendants made repeated positive representations about the prospects and value of the Shenandoah assets.
The Complaint alleges that, throughout the Class Period, the Defendants misrepresented and/or failed to disclose that: (1) the value of the Shenandoah assets and the success of the Shenandoah appraisal wells were overstated; (2) Anadarko lacked effective internal control over financial reporting; and (3) as a result of the foregoing, the Defendants' statements about Anadarko's Shenandoah assets lacked a reasonable basis.
On May 13, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 17. Defendants filed a Motion to Dismiss the amended Complaint on September 14. On January 19, 2021, the Court issued an Order denying Defendants' Motion to Dismiss.