NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 26, 2021 to file lead plaintiff applications in a securities class action lawsuit against Apache Corporation (NasdaqGS: APA), if they purchased the Company’s shares between September 7, 2016, through March 13, 2020, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of Texas.
What You May Do
If you purchased shares of Apache and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-apa/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 26, 2021.
About the Lawsuit
Apache and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 12, 2020, the Company disclosed it was slashing its quarterly dividend per share “from $0.25 to $0.025” and that, “[o]ver the coming weeks, the company will reduce its Permian rig count to zero, limiting exposure to short-cycle oil projects.” Then, on March 16, 2020, pre-market, Seeking Alpha issued a report noting that the Company was carrying “the highest debt-to-equity ratio among large-cap independent [exploration and production companies],” that “[t]he company doesn’t have a strong balance sheet” and its “financial health isn’t great,” among other things.
On this news, shares of Apache plummeted 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.
The case is Plymouth County Retirement System v. Apache Corporation, et al., Case No. 4:21-cv-00575.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.