Anadarko Petroleum Securities Class Action Lawsuit

Anadarko Petroleum Corporation Publicly Traded Securities Purchasers File  Class Action Lawsuit Complaint Against Anadarko Petroleum Corporation.

A securities fraud class action lawsuit has been filed against Anadarko Petroleum Corporation (“Anadarko Petroleum”) and certain Anadarko Petroleum executive officers and directors (collectively “Defendants”) in the United States District Court for the Southern District of New York (Case No. 10 Civ. 5894) on behalf of a class consisting of all purchasers of Anadarko Petroleum publicly traded securities during the period between June 12, 2009, and June 9, 2010 (the “Class Period”), according to class action lawsuit news reports.

The Anadarko Petroleum securities fraud class action lawsuit complaint reportedly alleges that defendants, in violation of the federal securities laws, asserted they had reserved for, and insured against, foreseeable drilling related contingencies but that those statements were false and misleading since they allegedly failed to disclose, among other things:

• That there allegedly was no effective Oil Spill Response Plan for the Macondo/Deepwater Horizon, in which Anadarko Petroleum was a 25% owner;
• That BP plc, a partner of Anadarko’s in the Macondo/Deepwater Horizon, was implementing drilling procedures that allegedly would cut costs at the expense of safety, increasing the economic risk of a disaster; and
• That Anadarko Petroleum allegedly lacked adequate systems of internal, operational or financial controls to maintain adequate insurance reserves or to meet risks associated with its deepwater drilling liabilities; and

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