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GA Firefighters' Pension v. Anadarko Petro

Docket 23-20424, U.S. Court of Appeals, Fifth Circuit (Aug. 30, 2023)
Securities, Commodities, Exchange (Appeals)
Case Type3850 Securities, Commodities, Exchange
Tags3850 Securities, Commodities, Exchange, 3850 Securities, Commodities, Exchange
Plaintiff - Appellee Georgia Firefighters' Pension Fund
Movant - Appellee Norfolk City Council as Administering Authority of the Norfolk Pension Fund
Movant - Appellee Iron Workers Local 580 Joint Funds
...
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No. 43 PUBLISHED OPINION FILED

Document GA Firefighters' Pension v. Anadarko Petro, 23-20424, No. 43 (5th Cir. Apr. 25, 2024)
James C. Ho, Circuit Judge: Our adversarial system of justice requires that we give both sides full and fair opportunity to present their strongest possible arguments to the No. 23-20424 court.
A class of stock purchasers allege that Anadarko Petroleum Corporation fraudulently misrepresented the potential value of its Shenandoah oil field project in the Gulf of Mexico, in violation of federal securities law.
The class certification order cited evidence from Steinholt’s rebuttal report, stating that “the Anadarko stock price dropped 4.1 percent during after-hours trading between the time Anadarko made its Shen disclosures and the time the [Colorado] news broke,” and that the “event study concluded that the price drop on May 3rd remained statistically significant even when controlling for the [Colorado] news.” The district court denied Anadarko’s motion for reconsideration.
Anadarko also argued that the district court failed to conduct a proper Daubert analysis, and that Defendants sufficiently rebutted the Basic presumption.
The after-hours trading and the event study constituted key new evidence directly related to the central No. 23-20424 class certification dispute: whether Anadarko’s stock price decline was caused by the Colorado news or the Shenandoah disclosure.
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