Anadarko Petroleum Corporation (APC)

[MinnieM]

Investor Notice: Louisiana-based Law Firm, Kahn Swick & Foti LLC, Announces Investigation on Behalf of Investors Into Anadark...

http://ih.advfn.com/p.php?pid=nmona&article=43124545&symbol=APC

Former Louisiana Attorney General, Charles C. Foti, Jr. and his firm Kahn Swick & Foti, LLC (“KSF”) formally announce that they have opened an investigation to determine whether Anadarko Petroleum Corporation (NYSE: APC) has violated federal securities laws by issuing false and misleading statements to its shareholders related to its role and/or liability with regard to the unprecedented oil spill in the deepwater of the Gulf of Mexico just off the shores of the United States.
Kahn Swick & Foti (“KSF”) LLC’s Director of Client Relations, Contact and Education, Neil Rothstein, Esq., can be contacted toll free at 877/694-9510 or at [e-mail]. Mr. Rothstein has over twenty years of class action experience in the fields of securities, antitrust and ERISA/pension litigation.
KSF was the first law firm, on or about May 10, 2010, to file a BP, plc shareholders’ derivative case. Besides filing a case for an institutional investor, KSF has also filed similar complaints on behalf of an individual shareholder and a group of trusts. These actions were brought against individual directors and board members of BP, plc, the various Transocean Corporations, Cameron Industrial Corporation, Halliburton Energy Sources and various insurance companies. You can contact Mr. Rothstein for a copy of this complaint.
On or about June 5, 2010, it was reported by the New York Times that Anadarko owned 25% of the Deepwater Horizon rig. Further, according to the New York Times article, BP admitted that as far back as March 2009, documents showed that in March, after problems on the rig that included drilling mud falling into the formation, sudden gas releases known as “kicks” and a pipe falling into the well, BP officials informed federal regulators that they were struggling with a loss of “well control.” Additionally, it was reported that on at least three occasions, BP records indicate that the blowout preventer was leaking fluid, which the manufacturer of the device has allegedly said limits its ability to operate properly.
While this information and substantially more information was known to BP by at least March 2009 (according to the Times article), certain officers and directors at Anadarko were selling off their shares at very high stock prices. On April 24, 2010, stock in APC traded at over $74 per share. As of last week, the stock in APC was trading as low as under $42 per share—a loss of over 40 percent in shareholder value. On June 6, 2010, APC shares fell $10.23 per share or 19.55%. On Friday, Moody’s downgraded APC.
If you have information that might assist KSF in its investigation of Anadarko or would like to discuss your legal rights, you may e-mail or call KSF, without obligation or cost to you. You may contact Neil Rothstein, Esq. toll free at 877/694-9510 or at his cell phone at 330/860-4092 or by email at [e-mail]. KSF focuses its practice on securities fraud litigation and other class action litigation and the firm’s lawyers have significant experience working on significant securities fraud cases that have resulted in significant recoveries for shareholders. For more information on KSF, please visit www.ksfcounsel.com.