Levi & Korsinsky, LLP announces that a CXO class action lawsuit has been filed on behalf of investors who purchased Concho Resources Inc. (CXO) securities between February 21, 2018 and July 31, 2019. For more on the CXO Lawsuit please contact us today.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed 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.
If you suffered a loss in you have until September 28, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.