Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Apache Corporation (APA)

2/25, 12:07 AM (Source: GlobeNewswire)

NEW YORK, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Apache Corporation (“Apache” or the “Company”) (NASDAQ: APA) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Apache between September 7, 2016 and March 13, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Apache intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (ii) Apache did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they existed in the amounts purported; (iii) these misleading statements and omissions artificially inflated the value of the Company’s operations in the Permian Basin; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Apache during the Class Period should contact the Firm prior to the April 26, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.


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