NEW YORK, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of purchasers of ATP Oil & Gas Corporation ("ATP" or the "Company") (Pink Sheets:ATPAQ) securities during the period between December 16, 2010 and August 17, 2012, inclusive (the "Class Period"), seeking remedies under the federal securities laws.
The Complaint alleges that Defendants caused ATP to issue materially false and misleading statements about ATP's true business and financial condition in violation of the federal securities laws. Specifically, the Complaint alleges Defendants materially misstated and/or failed to disclose that (a) ATP severely downplayed the impact that the United States Department of Interior moratoria had on the Company's business and revenues; (b) ATP violated the provisions of certain credit agreements to which the Company was a party; and (c) misstated ATP's liquidity and financial position. As a result of this misconduct, the Complaint alleges that ATP investors lost nearly the entire value of their investment as ATP declared bankruptcy.
If you wish to serve as lead plaintiff, you must move the Court no later than October 4, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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