Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into APA Corporation (NasdaqGS: APA) formerly Apache Corporation.
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.
The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which is ongoing.
KSF’s investigation is focusing on whether APA’s officers and/or directors breached their fiduciary duties to APA’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of APA shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.