Robbins Geller Prevails Over Motion to Dismiss in Anadarko Petroleum Securities Class Action
On January 19, 2021, the Honorable Nancy F. Atlas of the United States District Court for the Southern District of Texas denied defendants’ motion to dismiss in Georgia Firefighters’ Pension Fund v. Anadarko Petroleum Corp. Building Trades United Pension Trust Fund, Norfolk County Council as Administering Authority of the Norfolk Pension Fund, Iron Workers Local #580 Annuity Fund, Iron Workers Local #580 Apprentice Journeymen Educational Fund, Iron Workers Local #580 Insurance Fund, and Iron Workers Local #580 Pension Fund are serving as lead plaintiff in this action.
Anadarko is an energy company that develops oil and natural gas resources in the United States and worldwide. 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.
The case alleges Anadarko and certain of its officers violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 and misrepresented and/or failed to disclose adverse information about the company’s Shenandoah assets, including that the value of the assets and the success of the appraisal wells were overstated and that Anadarko lacked effective internal control over financial reporting. As a result, the price of Anadarko common stock was artificially inflated to more than $94 per share during the class period.
In denying defendants’ motion to dismiss, the court noted that plaintiffs “adequately alleged their Exchange Act claims against [d]efendants.”
Georgia Firefighters’ Pension Fund v. Anadarko Petroleum Corp., et al., No. 4:20-cv-00576, Memorandum and Order (S.D. Tex. Jan. 19, 2021).
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