NEW YORK, Aug. 30, 2013 LawFuel.com – Best Law Firm Newswire Service— Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against ATP Oil and Gas Corporation (“ATP” or the “Company”) (PINKSHEETS: ATPAQ) and certain of its officers.
The class action, filed in United States District Court, Southern District of Texas, and docketed under 13-cv-02557, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of ATP between December 16, 2010 and August 17, 2012 both dates inclusive (the “Class Period”). This class action seeks to recover damages as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased ATP securities during the Class Period,
you have until October 4, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
ATP is engaged in the acquisition, development, and production of oil and natural gas properties.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business and operations. Specifically, Defendants made false and misleading statements and/or failed to disclose that: on October 12, 2010, ATP filed a Form S-4 Registration Statement (the “Registration Statement”) with the SEC, indicating its intent to issue 11.875% Senior Second Lien Exchange Notes (the “Notes”). After one amendment on December 14, 2010, the Company filed a Prospectus (the “Prospectus”) on December 16, 2010 on Form 424B3, which was declared effective by the SEC on the same day. Pursuant to the Registration Statement and Prospectus, ATP executed the Exchange, which offered $1.5 billion worth of Notes. The Registration Statement contained false and misleading statements and/or omissions of material fact about the company and its operations.
On August 17, 2012, ATP announced that it was filing for Chapter 11 bankruptcy. The Company reported total debts of $3.49 billion and assets of $3.64 billion. It announced that it was going to continue operating during its financial restructuring using $618 million in debtor-in-possession funding. During the course of the Bankruptcy Action, the truth was revealed that ATP had: (1) severely downplayed the impact that the United States Department of Interior moratoria had on the Company’s business and revenues; (2) violated the provisions of certain credit agreements to which the Company was a party; (3) issued a Registration Statement that contained false and misleading statements and/or omissions of material fact; and (4) subsequently made materially false and misleading statements regarding the liquidity and financial condition of the Company.
As a result of the false and misleading misstatements and omissions, the price of ATP stock fell from $15.36 at the beginning of the Class Period to $0.30 at the time of the bankruptcy filing.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.