Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Concho Resources Inc. (CXO)
BENSALEM, Pa .– (BUSINESS WIRE) – Law Offices of Howard G. Smith reminds investors of the upcoming September 28, 2021 deadline to file a lead plaintiff in the case filed on behalf of investors, Concho Resources Inc. (“Concho” or the ” Company “) purchased (NYSE: CXO) common stock between February 21, 2018 and July 31, 2019, inclusive (the” Class Period “).
Investors suffering losses on their Concho investments are encouraged to contact the Howard G. Smith law firms at 888-638-4847 or email email@example.com to determine their legal rights in this class action lawsuit to discuss.
In 2018, Concho planned and built the Dominator Project (“Dominator”) in the Permian Basin. It consisted of 23 wells.
On July 31, 2019, Concho announced that the wells at Dominator were “too narrow”, prompting the company to reduce the number of active rigs to 18 (from 33 in Q1 2019) to avoid budget overruns.
As a result of this news, Concho’s share price fell 22% per share on August 1, 2019, hurting investors.
ConocoPhillips (NYSE: COP) acquired Concho in January 2021 and is also named as a defendant in the lawsuit.
The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, Defendants have failed to disclose to investors that: (1) the drill hole spacing at Dominator was aggressive and very risky and was not reasonably believed that it would work as intended; (2) Concho’s practice of implementing closer borehole spacing has not been referred to a handful of “tests” and is therefore more widespread than the market believed; (3) it was known or recklessly disregarded that measures to reduce the risks of borehole spacing were not in place and / or impossible; (4) these risks had manifested themselves during the collection period, disrupting underground drilling and permanently reducing production, forcing the company to cut production targets and take more conservative distance measures on its other projects; (5) it would take several quarters to mitigate the effects of widespread well spacing failures; and (6) as a result, Defendant’s positive statements about the Company’s business, operations and prospects were materially misleading and / or were inadequate at all relevant times.
If you purchased or otherwise acquired Concho common stock during the Class Action Period, you will be able to go to court no later than 28. To join the Class Action you need not take any action at that point; You can hire a lawyer of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at firstname.lastname@example.org, or visit our website at www.howardsmithlaw .com.
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