San Diego, CA -- (ReleaseWire) -- 01/22/2014 -- An investigation on behalf of investors in shares of WPX Energy Inc (NYSE:WPX) was announced concerning whether certain WPX Energy officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who purchased shares of WPX Energy Inc (NYSE:WPX) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554
The investigation by a law firm concerns, among other things, whether certain WPX Energy officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Lawsuits were filed late last year by mineral owners against several energy companies, including one against WPX Energy Inc, seeking millions of dollars in damages for what they say are lost royalty payments to mineral owners from natural gas flared by energy companies going back as far as six years. The plaintiff claims that the North Dakota law limits the flaring of natural gas during the first year of production and after that those companies must apply to the North Dakota Industrial Commission for an exemption and if they fail to do so, they must pay royalties and state taxes. The plaintiff alleges that companies have been in violation of the limits set for the first year and have not sought exemptions.
WPX Energy Inc reported that its annual Total Revenue declined from over $3.88 billion in 2011 to over $3.1 billion in 2012 and that its respective Net loss declined from $302 million to $223 million.
Shares of WPX Energy Inc grew from $14.02 per share in June 2012 to as high as $22.82 per share in October 2013. Since then NYSE:WPX shares declined and closed on January 17, 2014 at $18.65 per share.
Those who purchased shares of WPX Energy Inc (NYSE:WPX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego