Investors with losses are encouraged to contact the firm before September 28, 2021; click here to submit trade information
LOS ANGELES, Aug. 13, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Concho Resources, Inc. (: CXO) investors that acquired shares between February 21, 2018 and July 31, 2019. Investors have until September 28, 2021 to seek an active role in this litigation.
It is alleged in this complaint that Concho made misleading and/or false statements and/or failed to disclose that: (1) the well spacing at Dominator Project was highly risky and aggressive, and premised on no reasonable basis to believe it would work as intended; (2) Concho's practice of implementing tighter well spacing was not limited to a handful of "tests", therefore more widespread than the market was led to believe; (3) it was known or recklessly disregarded that measures to mitigate well spacing risks were non-existent and/or impossible; (4) these risks were evident during the Class Period, which caused underground well interference and permanently decreasing production, forcing Concho to scale back production targets, adopting more conservative spacing measures in its other projects; (5) it would take multiple quarters to reverse the impacts of this widespread well spacing failure; and (6) Concho’s public statements were misleading and materially false at all relevant times, as a result.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 28, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.