According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- the well spacing at the Dominator Project (“Dominator”), consisting of 23 wells in the Delaware Basin, part of the larger Permian Basin, was aggressive and highly risky, and premised on no reasonable basis to believe it would work as intended;
- Concho’s practice of implementing tighter well spacing was not relegated to a handful of “tests” and therefore more widespread than the market was led to believe;
- it was known or recklessly disregarded that any measures to mitigate well spacing risks were non-existent and/or impossible;
- these risks had manifested during the Class Period, causing underground well interference and permanently decreasing production, forcing the Company to scale back production targets and adopt more conservative spacing measures in its other projects;
- it would take multiple quarters to unwind the impacts of the widespread well spacing failure; and
- as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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