Gibbs Law Group Investigates Potential Securities Law Violations
Shares Amplify Energy Corp. plummeted 44% on Monday, October 4, 2021 after publicly announcing on Sunday, October 3 that its pipeline was the source of a catastrophic oil spill causing widespread ecological devastation and beach closures in Southern California that could last for months. Huntington Beach mayor Kim Carr said the 126,000 gallon spill was "one of the most devastating situations," a "potential ecological disaster." Gibbs Law Group is investigating a potential Amplify Energy Securities Class Action Lawsuit on behalf of investors who lost money in Amplify Energy Corp. (NYSE: AMPY).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
This oil spill from an Amplify Energy pipeline off the coast of Huntington Beach is described by the Associated Press as "one of the largest oil spills in recent Southern California history." According to The Guardian, local residents first reported an oil sheen and smell on Friday evening, October 1, and Houston-based company Amplify Energy says it notified the Coast Guard of an employee-witnessed oil sheen on Saturday morning, October 2, before issuing a press release the next day.
In response to the oil spill, Roth Capital suspended its price target on the stock in a Monday note, according to Reuters. "Until we are able to have a discussion with management to confirm this is from an AMPY property, the extent of the spill, the estimated cost of clean-up and any insurance coverage that may apply, we are temporarily suspending our target price, our estimates and moving our rating to Neutral," the note, seen by Reuters, said.
Orange County communities including Huntington Beach, Laguna Beach and Newport Beach were forced to close miles of beaches, closures that could last for weeks or months. Orange County health officials list potential health impacts of oil spills as headache, vomiting, and eye and skin irritation, and residents are advised to seek medical attention if needed.
Following news of the major oil spill, Amplify Energy’s stock price plummeted 44% on October 4, 2021, causing significant harm to investors.
What Should Amplify Energy Investors Do?
If you invested in Amplify Energy, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Amplify Energy has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.