This case was last updated from PACER on 05/03/2021 at 08:53:45 (UTC).

Schwegel v. Apache Corporation et al

Case Summary

 

On March 4, 2021, Brian Schwegel (“Plaintiff”), individually and on behalf of all others similarly situated represented by Jeremy A Lieberman of Pomerantz LLP filed a class action lawsuit against Apache Corporation (“Apache” or the “Company”), John J. Christmann IV (“Christmann”), Timothy J. Sullivan (“Sullivan”), Stephen J. Riney (“Riney”) and Steven Keenan (“Keenan”). Plaintiff filed against Defendants Christmann, Sullivan, Riney, and Keenan (collectively, the “Individual Defendants”), seeking certification of class action and compensatory damages among other reliefs for allegedly engaging in fraudulent scheme to artificially inflate the Company’s stock price. This case was filed in U.S. District Court in the Southern District of Texas with Judge Keith P. Ellison presiding

 

Pursuant to Federal Rule of Civil Procedure 23(b)(3), the Plaintiff asserts to have filed the claim on behalf of a class, consisting of all persons or entities that purchased or otherwise acquired Apache common stock during the Class Period, and who were damaged thereby.

 

In its complaint, Plaintiff alleged that “Defendants made materially false and misleading statements regarding the Company’s operations and financial health, including the viability and profitability of a purported large oil-and-gas resource play in the Permian Basin called Alpine High. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (i) Apache intentionally used unrealistic assumptions regarding the amount and composition of available oil and gas in Alpine High; (ii) Apache did not have the proper infrastructure in place to safely and/or economically drill and/or transport those resources even if they existed in the amounts purported; (iii) these misleading statements and omissions artificially inflated the value of the Company’s operations in the Permian Basin; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.”

 

Plaintiff further alleged that “Defendants materially misled the investing public, thereby inflating the price of Apache’s common stock, by publicly issuing false and misleading statements and/or omitting to disclose material facts necessary to make Defendants’ statements, as set forth herein, not false and misleading. The statements and omissions were materially false and misleading because they failed to disclose material adverse information and/or misrepresented the truth about Apache’s business, operations, and prospects as alleged herein. Plaintiff also alleged that ”Defendants materially misled the investing public, thereby inflating the price of Apache’s common stock, by publicly issuing false and misleading statements and/or omitting to disclose material facts necessary to make Defendants’ statements, as set forth herein, not false and misleading. The statements and omissions were materially false and misleading because they failed to disclose material adverse information and/or misrepresented the truth about Apache’s business, operations, and prospects as alleged herein.”

 

There are two claims for relief laid down by the Plaintiff. The first claim for relief is against all Defendants for Violation of Section 10(b) of The Exchange Act and Rule 10b-5 Promulgated Thereunder and the second claim is against the individual defendants for violation of Section 20(a) of The Exchange Act. 

 

In its prayer for relief, the Plaintiff requested the court to pass an order to define the class as requested and to certify this as a class action in accordance with Federal Rule of Civil Procedure 23, awarding compensatory damages in favor of Plaintiff along with costs of litigation. 

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    4:21-CV-00722

  • Filing Date:

    03/04/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Keith P Ellison

 

Party Details

Plaintiff

Brian Schwegel

Petitioner

Dr. Terry Ellis

Defendants

John J. Christmann, IV

Steven Keenan

Stephen J. Riney

Timothy J. Sullivan

Apache Corporation

Attorney/Law Firm Details

Plaintiff Attorneys

Jeremy A Lieberman

Attorney at Pomerantz LLP

600 3Rd Ave, 20Th Floor

New York, NY 10016

Joseph Alexander Hood, II

Attorney at Pomerantz LLP

600 Third Ave, 20Th Floor

New York, NY 10016

Petitioner Attorney

Tom Alan Cunningham

Attorney at Tom Alan Cunningham PLLC

919 Milam Street, Suite 575

Houston, TX 77002

Defendant Attorneys

Amy Pharr Hefley

Attorney at Baker Botts

910 Louisiana Street

Houston, TX 77002

David D Sterling

Attorney at Baker Botts LLP

910 Louisiana, Suite 3601

Houston, TX 77002-4995

 

Court Documents

14 #9

Proposed Order

14 #8

Unreported Authorities

14 #7

E - Firm Resume of Tom Alan Cunningham, PLLC

14 #6

D - Women's Business Enterprise National Council Certificate

14 #5

C - Firm Resume of Faruqi & Faruqi, LLP

14 #4

B - Dr. Terry Ellis' PSLRA Certification

14 #3

A - First Notice of Pendency of a Class Action

14 #2

Appendix

14 #1

Memorandum of Law

#14

#13

#12

#11

#10

#9

#8

7 #1

Summons

#7

19 More Documents Available
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Docket Entries

  • 04/26/2021
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  • Docket(#14) MOTION to Consolidate Lead Case No. 4:21-cv-00575 and Member Case No. 4:21-cv-00722( Motion Docket Date 5/17/2021.), MOTION for Appointment of Lead Plaintiff, MOTION for Approval of Lead and Local Counsel by Dr. Terry Ellis, filed. (Attachments: #1 Memorandum of Law, #2 Appendix, #3 A - First Notice of Pendency of a Class Action, #4 B - Dr. Terry Ellis' PSLRA Certification, #5 C - Firm Resume of Faruqi & Faruqi, LLP, #6 D - Women's Business Enterprise National Council Certificate, #7 E - Firm Resume of Tom Alan Cunningham, PLLC, #8 Unreported Authorities, #9 Proposed Order)(Cunningham, Tom) (Entered: 04/26/2021)

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  • 04/23/2021
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  • Docket(#13) NOTICE of Setting. Parties notified. Initial Conference reset for 6/17/2021 at 02:00 PM in by telephone before Judge Keith P Ellison, filed. (arrivera, 4) (Entered: 04/23/2021)

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  • 04/08/2021
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  • Docket(#12) NOTICE of Appearance by Amy Pharr Hefley on behalf of Apache Corporation, John J. Christmann, IV, Steven Keenan, Stephen J. Riney, Timothy J. Sullivan, filed. (Hefley, Amy) (Entered: 04/08/2021)

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  • 04/08/2021
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  • Docket(#11) NOTICE of Appearance by David D. Sterling on behalf of Apache Corporation, John J. Christmann, IV, Steven Keenan, Stephen J. Riney, Timothy J. Sullivan, filed. (Sterling, David) (Entered: 04/08/2021)

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  • 03/29/2021
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  • Docket(#10) NOTICE of Appearance by J. Alexander Hood II on behalf of Brian Schwegel, filed. (Hood, Joseph) (Entered: 03/29/2021)

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  • 03/18/2021
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  • Docket(#9) CERTIFICATE OF INTERESTED PARTIES by Brian Schwegel, filed.(Lieberman, Jeremy) (Entered: 03/18/2021)

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  • 03/05/2021
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  • Docket(#8) ORDER for Initial Pretrial and Scheduling Conference and Order to Disclose Interested Persons. Initial Conference set for 5/4/2021 at 04:00 PM in Courtroom 3A Houston before Judge Keith P Ellison. (Signed by Judge Keith P Ellison) Parties notified.(MelissaMorganadi, 4) (Entered: 03/05/2021)

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  • 03/05/2021
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  • Docket(#7) Summons Issued as to All Defendants. Issued summons delivered to plaintiff by NEF, filed. (Attachments: #1 Summons, #2 Summons, #3 Summons, #4 Summons) (JacquelineMata, 4) (Entered: 03/05/2021)

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  • 03/04/2021
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  • Docket(#6) Request for Issuance of Summons as to Steven Keenan, filed.(Lieberman, Jeremy) (Entered: 03/04/2021)

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  • 03/04/2021
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  • Docket(#5) Request for Issuance of Summons as to Stephen J. Riney, filed.(Lieberman, Jeremy) (Entered: 03/04/2021)

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  • 03/04/2021
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  • Docket(#4) Request for Issuance of Summons as to Timothy J. Sullivan, filed.(Lieberman, Jeremy) (Entered: 03/04/2021)

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  • 03/04/2021
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  • Docket(#3) Request for Issuance of Summons as to John J. Christmann, IV, filed.(Lieberman, Jeremy) (Entered: 03/04/2021)

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  • 03/04/2021
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  • Docket(#2) Request for Issuance of Summons as to Apache Corporation, filed.(Lieberman, Jeremy) (Entered: 03/04/2021)

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  • 03/04/2021
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  • Docket(#1) COMPLAINT against Apache Corporation, John J. Christmann, IV, Steven Keenan, Stephen J. Riney, Timothy J. Sullivan (Filing fee $ 402 receipt number 0541-26063646) filed by Brian Schwegel. (Attachments: #1 Civil Cover Sheet)(Lieberman, Jeremy) (Entered: 03/04/2021)

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