An investigation for investors in WPX Energy Inc (NYSE:WPX) shares over potential securities laws violations by WPX Energy was announced and NYSE:WPX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/28/2015 -- An investigation on behalf of investors of WPX Energy Inc (NYSE:WPX) shares over potential securities laws violations by WPX Energy and certain of its directors and officers in connection certain financial statements was announced.
Investors who currently hold shares of WPX Energy Inc (NYSE:WPX) have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of WPX Energy Inc (NYSE:WPX) concerning whether certain statements regarding WPX Energy's business, its prospects and its operations were materially false and misleading at the time they were made. More specifically, investigation concerns whether certain WPX Energy officers and directors breached their fiduciary duties and caused damage to the company and NYSE:WPX shareholders.
In late 2013 lawsuits were filed by mineral owners against several energy companies, including one against WPX Energy Inc, seeking millions of dollars in damages for what they say are lost royalty payments to mineral owners from natural gas flared by energy companies going back as far as six years. The mineral owners claim they have lost millions of dollars in royalties because oil drilling companies burn off large quantities of gas instead of capturing and selling it. The plaintiffs claim that the North Dakota law limits the flaring of natural gas during the first year of production and after that those companies must apply to the North Dakota Industrial Commission for an exemption and if they fail to do so, they must pay royalties and state taxes. The plaintiffs allege that companies have been in violation of the limits set for the first year and have not sought exemptions. The lawsuits seek to force oil drilling operators to comply with state law and pay royalties to mineral owners for the value of flared gas going back six years.
WPX Energy Inc reported that its annual Total Revenue declined from over $3.88 billion in 2011 to over $2.76 billion in 2013 and that its respective Net loss increased from $302 million to over $1.18 billion. Shares of WPX Energy Inc declined from $26.62 per share in August 2014 to as low as $10.27 per share in Decmeber 2014.
On January 26, 2015, NYSE:WPX shares closed at $1.36 per share.
Those who purchased shares of WPX Energy Inc (NYSE:WPX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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