LexisNexis® CLE On-Demand features premium content from partners like American Law Institute Continuing Legal Education and Pozner & Dodd. Choose from a broad listing of topics suited for law firms, corporate legal departments, and government entities. Individual courses and subscriptions available.
YORK - Citing the company's history of safety lapses, cost cutting and
workplace disasters, shareholders who purchased stock in BP on June 10 filed a
class action lawsuit based on claims that the company mislead investors before
the Deepwater Horizon oil spill in the Gulf of Mexico (Lore Greenfield, et
al. v. BP p.l.c., et al., No. 10-cv-1683, E.D. La.).
suit, filed in the U.S. District Court for the Eastern District of Louisiana,
seeks to represent not only American investors, but also people around the
world who bought shares in United Kingdom-based BP.
Schachter & Zwerling LLP said it filed the class action lawsuit on behalf
of individuals or entities that purchased ordinary shares and/or American
Depository Receipts in BP p.l.c. from Feb. 27, 2008, through May 12, 2010. BP's
ADRs and ordinary shares are actively traded on the New York Stock Exchange and
the London Stock Exchange.
lawsuit notes BP's prior statements about its Gulf operations being a primary
economic driver, and the company's assertions that it had the technology to
safely conduct the operations. But nearly a month after the catastrophic
explosion at the Deepwater Horizon, BP's Chief Executive Officer Anthony B.
Hayward admitted that BP did not have the technology available to stop the Gulf
lawsuit chronicles BP's long history of spills, fires and explosions at its
facilities, including a 2005 explosion in Texas City, Texas, that killed 15
people, and a 2006 oil leak in its Prudhoe Bay, Alaska, operations pipeline. In
the Alaska case, Zwerling, Schachter & Zwerling served as lead counsel for
securities plaintiffs who brought suit against BP, and secured a
multimillion-dollar settlement on their behalf.
current case, shareholders claim BP violated the Securities Exchange Act of
1934 by issuing false and misleading statements about safety, technology,
inspections and precautions at its offshore oil facilities. At the time of the
latest disaster, BP shares were trading at nearly $60, but since have lost
nearly half their value.
deadline for seeking to become a lead plaintiff is July 20, 2010.
plaintiffs are represented by Robert S. Schachter, Richard A. Speirs, Stephen
J. Riegel, Ana M. Cabassa and Shaye J. Fuchs of Zwerling, Schachter &
Zwerling LLP in New York, Eric J. O'Bell of the Law Office of Eric J. O'Bell in
Metarie, La., and David M. Foster of Farmington Hills, Mich.
subscribers can find more Deepwater Horizon-related filings here. If you do not have a lexis.com ID, you can
get information on how to subscribe here.