January 5, 2016 Comments (0) Blog

Update: ATP Oil and Gas

(Last Updated On: March 31, 2017)

Have you lost money investing in ATP Oil & Gas Corporation? If so, The White Law Group may be able to help you recover your investment losses.

According to their website, ATP Oil & Gas Corporation (ATP) is engaged in the development and production of oil and natural gas in offshore properties in the Mediterranean Sea, the Gulf of Mexico and the North Sea. The company was incorporated in 1991 and publicly traded (NASDAQ: ATPAQ).

ATP Oil & Gas Corp., which went bankrupt in 2012, agreed to pay $41.85 million in fines to settle federal charges that it discharged crude oil and chemicals from its floating production platform into the Gulf of Mexico, federal officials reported.

The US Department of Justice, Bureau of Safety and Environmental Enforcement, and Environmental Protection Agency jointly said on Nov. 19 that two settlement agreements were filed in US District Court for eastern Louisiana and US Bankruptcy Court in San Antonio. They are subject to a 30-day comment period and court reviews and approvals.

The first agreement resolves federal claims against ATP in a 2013 case alleging crude and chemicals were discharged into the gulf from the ATP Innovator production platform. A March 2012 BSEE inspection revealed alleged unlawful discharges of oil and a piping configuration that routed an unpermitted dispersant into the facility’s wastewater discharge pipe to mask excess oil being discharged into the ocean.

Oil and gas investments like ATP can be speculative and high risk investments. Sometimes these types of investments lack liquidity, and are better suited for sophisticated and institutional investors.

Brokerage firms are required to perform adequate due diligence on any investment they recommend. In order to determine suitable investment recommendations, brokerage firms must take into account a client’s age, investment experience, net worth, and investment objectives. To the extent that some brokerage firm failed to perform adequate due diligence or makes unsuitable investment recommendations, the firm may be held liable for any resulting losses in a FINRA arbitration claim.

If you suffered losses investing in ATP Oil & Gas Corporation or in the ATP 11.875% Senior Second Lien Notes and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group’s investigation of ATP Oil and Gas, click here.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.