NEW YORK, Sept. 20, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Concho Resources Inc. ("Concho" or the "Company") (NYSE: CXO). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Concho and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In 2018, Concho planned and constructed the Dominator Project ("Dominator") in the Delaware Basin, part of the larger Permian Basin, consisting of 23 wells. Then, on July 31 and August 1, 2019, Concho disclosed that the wells at Dominator were spaced "too tight" and that as a result, Concho had drastically reduced its total active rig count to avoid overshooting budgets and would be forced to scale down production targets for the rest of the year. Concho also disclosed that going forward, the Company would begin spacing all of its wells farther apart—revealing at the same time that certain current and upcoming projects were "moderately more dense" in terms of spacing.
On this news, Concho's stock price fell roughly 22% on August 1, 2019, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.
CONTACT: Robert S. WilloughbyPomerantz LLP email@example.com ext. 7980
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SOURCE Pomerantz LLP