Shareholder Class Action Filed Against Superior Offshore International, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessl
07 3월 2008 - 8:03AM
PR Newswire (US)
RADNOR, Pa., March 6 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin Barroway Topaz &
Kessler, LLP: Notice is hereby given that a class action lawsuit
was filed in the United States District Court for the Southern
District of Texas on behalf of all purchasers of securities of
Superior Offshore International, Inc. (NASDAQ:DEEP) ("Superior
Offshore" or the "Company") pursuant or traceable to the Initial
Public Offering (the "IPO" or the "Offering"). If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests with respect to these matters, please
contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J.
Check, Esq. or Richard A. Maniskas, Esq.) toll free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint
charges Superior Offshore and certain of its officers and directors
with violations of the Securities Act of 1933. Superior Offshore is
a provider of subsea construction and commercial diving services to
the offshore oil and gas industry, serving operators
internationally and domestically in the outer continental shelf of
the U.S. Gulf of Mexico. More specifically, the Complaint alleges
that the Company failed to disclose and misrepresented the
following material adverse facts which were known to defendants or
recklessly disregarded by them: (1) that at the time of the
issuance of the Registration Statement, the Company knew that its
Gulf of Mexico operations were not able to meet goals and
projections, which would adversely affect the Company for the
foreseeable future; (2) that at the time of the Registration
Statement that it would have to move into untested markets due to
the decline in its Gulf of Mexico operations; (3) that it would
have significant liquidity and debt issues even after the
completion of the IPO; (4) that the Company lacked adequate
internal and financial controls; and (5) that, as a result of the
foregoing, the Company's Registration Statement was false and
misleading at all relevant times. Beginning in August 2007, the
Company began what would become a trend of shocking investors with
press releases and revelations. The Company slowly released news
indicating that it was not operating according to plan, was
changing its core business to untested markets (such as deep water
and international), and was having liquidity problems despite the
large cash influx from the IPO. The Company released the news
little by little over the ensuing months, shocking and angering
investors who had relied upon the Company's statements at the time
of the IPO. In response to these reports, shares of the Company's
stock steadily declined, finally falling to $3.02 on January 22,
2008. This closing price represented a cumulative loss of $11.98,
or over 79 percent, of the value of the Company's shares at the
time of its IPO just months prior. Plaintiff seeks to recover
damages on behalf of class members and is represented by the law
firm of Schiffrin Barroway Topaz & Kessler which prosecutes
class actions in both state and federal courts throughout the
country. Schiffrin Barroway Topaz & Kessler is a driving force
behind corporate governance reform, and has recovered billions of
dollars on behalf of institutional and individual investors from
the United States and around the world. For more information about
Schiffrin Barroway Topaz & Kessler or to sign up to participate
in this action online, please visit http://www.sbtklaw.com/ If you
are a member of the class described above, you may, not later than
April 29, 2008, move the Court to serve as lead plaintiff of the
class, if you so choose. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately
represent the class. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. Any member of the purported class may move the court to
serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member. CONTACT:
Schiffrin Barroway Topaz & Kessler, LLP Darren J. Check, Esq.
Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin Barroway Topaz & Kessler, LLP CONTACT:
Darren J. Check, Esq., or Richard A. Maniskas, Esq., both of
Schiffrin Barroway Topaz & Kessler, LLP, +1-888-299-7706, toll
free, or +1-610-667-7706, Web site: http://www.sbtklaw.com/
Copyright
Superior Offshore Intl (MM) (NASDAQ:DEEP)
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Superior Offshore Intl (MM) (NASDAQ:DEEP)
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