NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at PDC Energy, Inc. (“PDC Energy” or the “Company”) (NASDAQ:PDCE).
The investigation focuses on whether the Company and its executives violated federal securities laws. On June 26, 2017, the Department of Justice (“DOJ”), Environmental Protection Agency (“EPA”), and the State of Colorado, on behalf of the Colorado Department of Public Health and Environment (“CDPHE”), filed a civil complaint in the United States District Court for the District of Colorado alleging violations of the Clean Air Act (“CAA”). According to the complaint, PDC Energy has repeatedly violated CAA regulations intended to address the release of volatile organic compounds at 86 storage tanks PDC Energy owns and operates in Colorado.
After the announcement, PDC Energy’s share price fell from $44.72 per share on June 25, 2017 to a closing price of $42.88 on June 26, 2017—a $1.84 or a 4.11% drop.
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