Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Conoco/Concho To Contact Him Directly To Discuss Their Options
NEW YORK - (NewMediaWire) - September 23, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against ConocoPhillips/Concho Resources, Inc. (“Conoco/Concho” or the “Company”) (NYSE: COP) and reminds investors of the September 28, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Conoco/Concho stock or options between February 21, 2018 and July 31, 2019 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/COP.
There is no cost or obligation to you.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the well spacing at Dominator was aggressive and highly risky, and premised on no reasonable basis to believe it would work as intended; (2) Concho’s practice of implementing tighter well spacing was not relegated to a handful of “tests” and therefore more widespread than the market was led to believe; (3) it was known or recklessly disregarded that any measures to mitigate well spacing risks were non-existent and or/impossible; (4) these risks had manifested during the Class Period, causing underground well interference and permanently decreasing production, forcing the Company to scale back production targets and adopt more conservative spacing measures in its other projects; (5) it would take multiple quarters to unwind the impacts of the widespread well spacing failure; and (6) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
In response to the disclosure, an analyst at Jeffries in a report dated August 5, 2019, expressed frustration that while the Company had previously stated Dominator “was not representative of the company’s development plans … it turns out operations were not consistent with that message.” Put simply, Concho’s wager on Dominator and density testing in general was such an unmitigated failure that it would impact the entirety of the Company’s 2019 operations and beyond.
On this news, Concho shares declined approximately 22 percent in a single day on August 1, 2019, as the artificial inflation was removed from Company stock.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Conoco’s/Concho’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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