The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments in ATP Oil & Gas (ATPAQ).
ATP Oil & Gas Corporation is a developer and producer of oil and gas in the Gulf of Mexico and the North Sea. Based in Houston, ATP Oil & Gas trades over the counter as ATPAQ; it previously traded on the NASDAQ exchange as ATPG. In 2012, ATP Oil & Gas filed for Chapter 11 bankruptcy, which was later converted to a Chapter 7 proceeding. In 2014, ATPAQ’s Chapter 7 trustee sued the company’s executives, alleging that “the company’s senior management failed to properly plan, budget or take the appropriate proactive action to lessen the company’s damages caused by the Deepwater Horizon oil spill.” The trustee in question, Rodney Tow, asserted that ATPAQ “spent money on long-term projects the company could no longer afford given the impact of the oil spill on ATP’s business. While ATP’s actual and projected cash flow was significantly impacted by the oil spill and foreseeable government response, ATP’s obligations and expenses were not similarly constrained.” Continue Reading