Kahn Swick & Foti, LLC, Which Filed First Securities Fraud Complaint against Anadarko Petroleum Corporation on June 23, 2010, Announces Lead Plaintiff Deadline; Deepwater Well Continues Spill Into Gulf - APC

Published on Wednesday, 14 July 2010 13:59 Written by TradersHuddle Staff

NEW ORLEANS-( Business Wire )-

Kahn Swick & Foti, LLC ("KSF"), which filed the first class action lawsuit against Anadarko Petroleum Corporation ("Anadarko" or the "Company") (NYSE:APC - News) in the United States District Court for the Southern District of New York, on behalf of purchasers of the common stock of the Company between June 12, 2009 and June 9, 2010, inclusive (the "Class Period"), on June 23, 2010, advises purchasers of the stock during the class period to contact the firm to learn more about their rights in this case. The case is filed as Civil Action Number 10 CV 4905. No class has yet been certified in this action. Any purchaser of this stock or other securities during the class period may inquire and receive information about this case. Additionally, anyone who desires to represent the class as Lead Plaintiff must contact the firm prior to August 23, 2010. KSF has significant experience in representing both individual and institutional clients in securities litigation matters.

If you would like to discuss your legal rights as a member of the class and /or the lead plaintiff position and its related responsibilities including overseeing lead counsel with the goal of obtaining a fair settlement, you may contact KSF's Director of Client Relations, Neil Rothstein, Esq., without obligation or cost to you, toll free at 877/694-9510, via his cell phone at 330/860-4092, or via email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. . Additionally, you can contact KSF's Managing Partner Lewis Kahn, Esq., who can be contacted direct, toll free at 866/467-1400, ext. 200, or via email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. .

Anadarko and certain of its Officers are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934.

In particular, the Complaint charges Anadarko, 25% owner of the Macondo/Deepwater Horizon well currently leaking millions of gallons of oil into the Gulf of Mexico, with failing to disclose, among other things: that there was no effective Exploration and Oil Spill Response Plan for Macondo/Deepwater Horizon; that BP implemented drilling procedures solely to cut costs at the expense of safety; that the Company lacked adequate systems of internal, operational or financial controls to maintain adequate insurance reserves or to meet the known or foreseeable risks associated with its deepwater drilling liabilities; and that defendants lacked any reasonable basis to claim that Anadarko was operating according to plan, or that Anadarko could achieve guidance sponsored and/or endorsed by defendants.

On April 20, 2010, the Macondo/Deepwater Horizon rig exploded killing 11 platform workers and injuring 17 others. In the wake of this tragedy, defendants continued to issue materially false and misleading statements representing that the Company would likely incur only approximately $177.5 million in liability for its part in the Macondo/Deepwater Horizon venture. However, these statements were materially false and misleading.

On June 1, 2010, the public began to learn the truth about Anadarko's business, operations, management, and the intrinsic value of Anadarko common stock when it was reported that the Macondo/Deepwater Horizon well could not be capped and investors came to realize there was effectively no plan in place to stop the spill. That day, shares of Anadarko fell almost $10.00 per share -- or approximately 20% -- falling from a close of $42.10 per share, from a prior day's close of $52.33 per share, on huge volume of over 44.8 million shares traded. Shortly thereafter, on June 9, 2010, shares of Anadarko fell another 20% after investors learned of the material deficiencies in the Macondo/Deepwater Horizon Exploration and Oil Spill Response Plan, via the Huffington Post, and further learned that the Company would now be responsible for over $1 billion in clean up costs. The well continues to this date to spill millions of gallons of oil into the Gulf of Mexico.

If you wish to serve as lead plaintiff in this class action lawsuit, you must request this position by application to the court no later than August 23, 2010. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. To learn more about KSF, you may visit www.ksfcounsel.com. KSF is a law firm focused on securities and class action litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions and have recovered tens of millions of dollars over the past years for aggrieved investors.

Kahn Swick & Foti, LLCNeil Rothstein, Esq.Director of Client Relations877-694-9510 or 330-860-4092 (cell) This e-mail address is being protected from spambots. You need JavaScript enabled to view it.