Concho Resources Inc.

Concho Resources Inc.

Ticker: CXO

Class Period Start: 02/21/2018

Class Period End: 07/31/2021

Registration Deadline: 09/28/2021

In 2018, Concho Resources Inc. (“Concho” or the “Company”) planned and constructed the Dominator Project (“Dominator”) located in the Permian Basin. It consisted of 23 wells.

On July 31, 2019, Concho revealed the wells at Dominator were spaced “too tight,” leading the Company to reduce its active rig count to 18 (down from 33 in the first quarter of 2019) to avoid overshooting budgets.

On this news, Concho’s stock price fell 22% per share on August 1, 2019, thereby injuring investors.

A securities class action has been filed against Concho on behalf of shareholders that purchased Concho shares between February 21, 2018 through July 31, 2021.  This case has been filed in the U.S. District Court for the Southern District of Texas.

ConocoPhillips (NYSE: COP) acquired Concho in January 2021 and is also named as a defendant in the complaint.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the well spacing at Dominator was aggressive and highly risky, and premised on no reasonable basis to believe it would work as intended; (2) Concho’s practice of implementing tighter well spacing was not relegated to a handful of “tests” and therefore more widespread than the market was led to believe; (3) it was known or recklessly disregarded that any measures to mitigate well spacing risks were non-existent and or/impossible; (4) these risks had manifested during the Class Period, causing underground well interference and permanently decreasing production, forcing the Company to scale back production targets and adopt more conservative spacing measures in its other projects; (5) it would take multiple quarters to unwind the impacts of the widespread well spacing failure; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

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