Apache Corp. $65M Settlement for Securities Violations

If you purchased or otherwise acquired Apache Corp. common stock between September 7, 2016, and March 13, 2020, you may be eligible to claim a portion of a $65,000,000 class action settlement.

Apache Corp. has agreed to pay $65,000,000 to settle a class action lawsuit for alleged violations of federal securities laws by issuing materially false and misleading statements regarding its oil and gas play in Texas, known as Alpine High.

Can I Claim an Award?

To be eligible to claim an award from the settlement, you must be a member of the Settlement Class. The Settlement Class includes all persons or entities who purchased or otherwise acquired Apache common stock from September 7, 2016, through March 13, 2020, inclusive, and were damaged thereby. This means that if you bought Apache common stock during this period and suffered financial losses, you are likely a member of the Settlement Class.

To determine if you are a member of the Settlement Class, you should consider the following criteria:

• You purchased or otherwise acquired Apache common stock during the Class Period.
• You suffered financial losses as a result of your investment in Apache common stock during the Class Period.

What Awards Can Class Members Claim?

The awards that class members can claim will be distributed from the Net Settlement Fund, which is the Settlement Amount of $65,000,000 plus any interest earned thereon, minus any taxes, notice and administration costs, litigation expenses, and attorneys’ fees awarded by the Court.

Class members' awards will be calculated based on the Plan of Allocation, which considers the amount of alleged artificial inflation in the price of Apache common stock during the Class Period. The Plan of Allocation uses a formula to determine each class member's Recognized Loss Amount, which is based on the difference between the purchase price of the stock and the price at which it was sold, adjusted for market and industry factors.

• For shares purchased or otherwise acquired during the Class Period and sold before October 10, 2017: The Recognized Loss Amount is $0.
• For shares purchased or otherwise acquired during the Class Period and sold between October 10, 2017, and March 13, 2020: The Recognized Loss Amount is the lesser of the amount of artificial inflation on the purchase date minus the amount of artificial inflation on the sale date, or the Out of Pocket Loss.
• For shares purchased or otherwise acquired during the Class Period and sold between March 16, 2020, and June 11, 2020: The Recognized Loss Amount is the lesser of the amount of artificial inflation on the purchase date, the purchase price minus the 90-Day Look-Back Value on the sale date, or the Out of Pocket Loss.
• For shares purchased or otherwise acquired during the Class Period and held as of June 11, 2020: The Recognized Loss Amount is the lesser of the amount of artificial inflation on the purchase date or the purchase price minus $9.64.

If the award amount is subject to a net settlement fund calculation, the calculation and math should be shown. For example, if the Net Settlement Fund is $65,000,000 and there are 182,893,855 shares eligible, the estimated average recovery per share before deductions is approximately $0.36.

Is Proof Required to Claim the Reward?

Yes, proof is required to claim the reward. Claimants must provide genuine and sufficient documentation for all transactions in and holdings of Apache common stock. Acceptable documentation includes copies of brokerage confirmation slips, brokerage account statements, or an authorized statement from the broker containing the transactional and holding information.

How to Claim Your Award

To claim your award, you must complete and submit a Claim Form with the required supporting documentation. You can submit your claim online by visiting the online claim form or by mailing your completed Claim Form to the Claims Administrator at the following address:

Apache Corp. Securities Litigation

c/o A.B. Data, Ltd.

P.O. Box 173035

Milwaukee, WI 53217

If you choose to mail your claim, ensure it is postmarked no later than October 9, 2024.

Submitting a Claim

Follow these steps to submit your claim:

1. Obtain a copy of the Claim Form from the official settlement website or by calling the Claims Administrator.
2. Complete the Claim Form in its entirety, providing all required information.
3. Attach copies of all necessary documentation to support your claim, such as brokerage confirmation slips or account statements.
4. Submit your completed Claim Form and supporting documentation either online or by mail.
5. Ensure your claim is submitted or postmarked by October 9, 2024.

How do I Get Paid?

Once your claim is approved, you will receive your payment from the Net Settlement Fund. Payments will be made by check and mailed to the address provided on your Claim Form. Ensure your address is up-to-date to avoid any delays in receiving your payment.

Settlement Fund Breakdown

The settlement amount of $65,000,000 will be used to create the Settlement Fund. This fund will be distributed to eligible class members after deducting taxes, notice and administration costs, litigation expenses, and attorneys’ fees awarded by the Court.

Lead Counsel will apply for attorneys’ fees not to exceed 33⅓% of the Settlement Fund, which amounts to approximately $21,666,667. Additionally, Lead Counsel will seek reimbursement of litigation expenses up to $1.9 million. The remaining amount will be distributed to class members based on their Recognized Loss Amounts.

Important Dates

• Deadline to File a Claim: October 9, 2024
• Fairness Hearing: September 19, 2024

When will Awards be Paid?

Awards will be paid after the Court approves the Settlement and all claims have been processed. This process may take several months, so please be patient.

Why is There a Class Action Settlement?

The class action settlement was reached to resolve allegations that Apache Corp. issued materially false and misleading statements regarding its Alpine High oil and gas play in Texas. By settling, Apache Corp. does not admit to any wrongdoing but agrees to provide compensation to affected investors.

Allegations Against Apache Corp.

The lawsuit alleged that Apache Corp. made false and misleading statements about its Alpine High oil and gas play, which caused the company's stock price to be artificially inflated. When the truth was revealed, the stock price dropped, causing financial losses to investors.

What Happens Next?

Next, the Court will hold a Fairness Hearing on September 19, 2024, to consider whether to approve the Settlement. If approved, the Claims Administrator will process the claims and distribute the Net Settlement Fund to eligible class members. Ensure you submit your claim by October 9, 2024, to be considered for an award.