NEW YORK, April 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Apache Corporation (NASDAQ: APA) on behalf of long-term stockholders following a class action complaint that was filed against Apache on February 23, 2021 with a Class Period from September 7, 2016 and March 13, 2020. Our investigation concerns whether the board of directors of Apache have breached their fiduciary duties to the company.
The Class Period begins on September 7, 2016, when Apache, while under immense pressure to show results from its new strategy and reverse its lagging share price, announced the discovery of a new resource play called Alpine High.
Throughout the Class Period, the defendants claimed that Alpine High had valuable oil and gas reserves and promoted Alpine High as the centerpiece of its development business.
The truth about Alpine High and its lack of viability emerged in a series of disclosures between April 2019 and March 2020 that caused Apache’s stock price to decline over 83% from its Class Period high.
Most recently, on March 16, 2020, a Seeking Alpha article published pre-market explained that Apache was particularly challenged amongst its peers, carrying “the highest debt-to-equity ratio among large-cap independent [exploration and production companies],” and noted that “[t]he company doesn’t have a strong balance sheet” and its “financial health isn’t great.” The article emphasized Apache’s “weak balance sheet marked by high levels of debt” of over $8 billion in 2019, “which translates into a lofty debt-to-equity ratio of almost 250% - the highest among all large-cap independent oil producers.” Regarding Alpine High, the article observed that low gas prices “forced Apache to shift capital away from the wet-gas rich Alpine High play which has been driving the company’s production growth.” The article also noted that “Apache also reduced Alpine High’s value by $1.4 billion.”
Following this news, Apache’s stock price fell $3.61 per share, or approximately 45%, over two trading days, from a close of $8.07 per share on March 13, 2020, to close at $4.46 per share on March 17, 2020.
If you are a long-term stockholder of Apache, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
