Apache Faces Investor Suit Over Failed Drilling Project
Law360 (February 24, 2021, 7:23 PM EST) -- A Massachusetts-based pension group has accused energy giant Apache of lying about the prospects of a massive oil and gas extraction project in the Permian Basin of West Texas and New Mexico, causing Apache's stock to drop by over 83% as the project went bust.
The Plymouth County Retirement System filed a putative class action Tuesday in the Southern District of Texas, seeking to restore as of yet undetermined compensatory damages to Plymouth's clientele — about 11,500 participants from municipalities, housing authorities and schools within the county — as well as other Apache Corp. investors.
The stock drop, which came over...
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