Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying US$35.7 billion to acquire Anadarko Petroleum Corp.
The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired US$24.5 billion of Occidental bonds that helped fund the August 2019 merger.
As of Tuesday, Occidental's market value had dropped to US$13 billion from about US$44 billion when the merger closed. Some of Occidental's new bonds traded at between 60 and 90.5 cents on the dollar.Occidental spokeswoman Melissa Schoeb declined to comment. Bank of America, Citigroup, JPMorgan and Wells Fargo, which helped underwrite Occidental's bonds, were also sued for alleged inadequate due diligence.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nissan and Renault shelve merger plans to repair their alliance: sourcesREUTERS: Renault and Nissan have shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nissan and Renault shelve merger plans to repair their allianceFRANCE: Renault and Nissan have shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Prosecutors summon Samsung heir over merger, accounting probesSEOUL (BLOOMBERG) - South Korean prosecutors have summoned Samsung Electronics vice chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing the latest legal blow to the country's largest corporation.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
DLF Holdings to call EGM to seek shareholders' approval to expand into blockchainCATALIST-listed DLF Holdings on Tuesday announced after trading hours that it is convening an extraordinary general meeting (EGM) to seek shareholders’ approval for its plan to diversify into a new business area that will alter its existing risk profile. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Renault and Nissan rule out merger as they unveil survival planRenault , Nissan Motor Co and Mitsubishi Motors Corp ruled out a merger on Wednesday and doubled down on a plan to cooperate more closely on car ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Samsung Group heir questioned by prosecutors over contentious 2015 dealSamsung Group heir Jay Y. Lee on Tuesday was summoned and questioned by prosecutors over a controversial 2015 merger of two of the group's ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »