The value of micro cap stock for ATP Oil & Gas (NASDAQ:ATPG) fell sharply on Wednesday, as news that the company's new chief executive is leaving negatively affected investor sentiment.
CBS MoneyWatch reported that the company's new chief executive officer Matt McCarroll was brought in to replace Paul Bulmahn at the helm of ATP Oil & Gas, but after a disagreement about an employment contract, the new CEO decided to leave.
Along with his decision to leave the company, McCarroll also rescinded a purchase of 1 million shares of ATP Oil & Gas stock that was connected with his hiring. Prior to briefly leading the oil firm, he had founded and was CEO for Dynamic Offshore Resources, according to the news outlet.
Despite the negative news for the company, Dow Jones Newswires reported that ATP Oil & Gas was resuming production at its Titan platform in the U.S. Gulf of Mexico, which had previously been shut due to a temporary closure of a pipeline.
The value of the company's stock dropped $0.41 to $4.20 at 12:24 p.m. on June 13, a decrease of 8.3 percent per share.