Anadarko Petroleum Corporation ($APC) $114.5 Million Investor Settlement
Anadarko Petroleum Corporation agreed to a $114.5 million settlement to resolve claims that the company and certain executives made materially false or misleading statements concerning its Shenandoah oil field.
Outline:
Anadarko agreed to pay $114.5 million to resolve a securities class action involving its Shenandoah oil project. Investors alleged that Anadarko overstated the value and success of the Shenandoah assets and appraisal wells and failed to disclose material adverse information. Defendants denied wrongdoing and entered into the settlement to resolve the litigation.
Timeline:
February 20, 2015: The Class Period began with Anadarko’s filing of its 2014 annual report, which included statements about the Shenandoah project.
May 2, 2017: Anadarko recorded a $467 million impairment charge and expensed $435 million in suspended exploratory well costs related to Shenandoah and disclosed that further appraisal activities had been suspended.
May 3, 2017: Anadarko common stock closed at $51.95 per share, down approximately 8% from its May 2 closing price.
November 4, 2019: Allegations concerning Anadarko’s assessment of the Shenandoah project became public through a Fifth Circuit opinion involving a former Anadarko engineer.
September 28, 2026: The parties entered into the Stipulation of Settlement.
Background:
Anadarko discovered the Shenandoah oil field in the Gulf of Mexico in 2009 and spent several years appraising its potential. During the Class Period, the company made positive statements about the field, including the results of its appraisal wells and the project’s resource potential.
Investors alleged that Anadarko and certain executives overstated the value of the Shenandoah assets and the success of its appraisal wells. The complaint also alleged that the company lacked effective internal control over financial reporting and that its statements concerning Shenandoah lacked a reasonable basis.
On May 2, 2017, Anadarko disclosed a $467 million impairment charge and expensed $435 million in suspended exploratory well costs associated with Shenandoah. The company said it had suspended further appraisal activities following the results of the Shenandoah-6 well and in light of the commodity-price environment.
Following the disclosure, Anadarko common stock declined approximately 8%, closing at $51.95 per share on May 3, 2017. Investors later brought federal securities claims against Anadarko and certain executives.
Defendants denied making material misstatements or omissions and denied that Anadarko’s stock was artificially inflated or that investors suffered damages because of the alleged conduct. The parties ultimately agreed to resolve the litigation for $114.5 million in cash, subject to Court approval.
What Can Investors Expect Now?
Anadarko Petroleum Corporation agreed to a $114.5 million settlement to resolve claims that the company and certain executives made materially false or misleading statements concerning its Shenandoah oil field.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.
Frequently Asked Questions
All Persons who purchased or acquired Anadarko common stock between February 20, 2015, and May 2, 2017, inclusive, and were allegedly harmed thereby.
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No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
The final payout amount depends on your specific trades and the number of investors participating in the settlement.
If 100% of investors file their claims - the average payout will be $0.41 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $1.64 per share.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.
11th.com is an investor recovery company that helps investors track and collect securities class action settlements. We will:
1. Prepare documents for your payout.
2. Audit the claim and make sure you get the maximum possible payout.
3. File a claim with the settlement administration.
4. Correspond with the settlement administration to resolve emerging issues.
5. Deliver payout directly to your brokerage account.
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.