NEW YORK, May 24, 2013 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP filed a class action complaint on behalf of those who purchased or otherwise acquired ATP Oil & Gas Corp. ("ATP" or the "Company") 11.875% Senior Second Lien Exchange Notes pursuant to the Company's December 16, 2010 Exchange of the Notes (the "Exchange"). The action, which seeks remedies under the Securities Act of 1933, is pending in the United States District Court for the Eastern District of Louisiana.
Investors who purchased or otherwise acquired ATP 11.875% Senior Second Lien Exchange Notes pursuant and/or traceable to the Exchange and wish to serve as a lead plaintiff in the action must move the Court no later than July 23, 2013. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537) or visit the Scott+Scott website for more information: http://www.scott-scott.com.
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ATP is engaged in the acquisition, development, and production of oil and natural gas properties. The Company seeks to acquire and develop properties with proven undeveloped reserves in the Gulf of Mexico and North Sea that are economically attractive, but not strategic to, major or large independent exploration-oriented oil and gas companies. ATP also has licenses for exploration in the Mediterranean Sea. On August 17, 2012, the Company announced that it was filing for Chapter 11 bankruptcy. The complaint alleges that the defendants misrepresented or failed to disclose material adverse facts in their publicly filed Exchange materials. Specifically, ATP made false and/or misleading statements and/or failed to disclose material adverse facts concerning: (1) the impact that two successive United States Department of the Interior moratoria for deepwater drilling operations in the Gulf of Mexico had on the Company's operations and revenues; and (2) the Company's breach of certain credit agreements by engaging in "disguised financing" arrangements that were designed to evade the requirements of such credit agreements.
As of the date the securities class action was filed, ATP 11.875% Senior Second Lien Exchange Notes were trading at approximately four cents ($0.04) on the dollar.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.