Michael Schrag
Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On Sunday, October 3, 2021, Amplify Energy Corporation (NYSE: AMPY) publicly identified its pipeline as 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.”
Shares of Amplify Energy Corp. plummeted, closing down nearly 44% on Monday, October 4, 2021, causing significant harm to investors.
Amplify's oil spill devastates SoCal beach communities, wetlands
The 2021 oil spill from a pipeline off the coast of Huntington Beach, operated by Houston-based company Amplify Energy Corp., is described by the Associated Press as “one of the largest oil spills in recent Southern California history.”
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.
Amplify Energy’s oil spill has “completely destroyed” Talbert Marsh, according to Orange County Supervisor Katrina Foley, speaking to CNN. The 25-acre wetland is a key stop on routes used by migratory birds and home to many endangered species of wildlife.
According to The Guardian, local residents first reported an oil sheen and smell on Friday evening, and Amplify Energy claims it notified the Coast Guard of an employee-witnessed oil sheen on Saturday morning. OC Supervisor Foley further reported to CNN that dead birds and fish were already washing up on the shore by Sunday, October 3, 2021.
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.
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Eileen Epstein Carney
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
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Amanda is a member of the legal team in a securities lawsuit against NantHealth alleging false statements to investors about the success of its key product.
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