Berman DeValerio Files Class Action Lawsuit Extending Class Period In BP Action
The law firm of Berman DeValerio filed a securities fraud lawsuit today against BP, plc (NYSE: BP) (“BP” or the “Company”), expanding the complaint to cover certain investors who acquired BP stock as early as mid-2005.
The complaint, filed on behalf of the Oklahoma Police Pension & Retirement System, includes investors who purchased or otherwise acquired American Depository Shares (“ADS”) of BP between June 30, 2005 and June 1, 2010, inclusive (the “Class Period”) and all U.S. investors who purchased or otherwise acquired ordinary shares of BP during the Class Period. In previous complaints, the Class Period for ordinary shares had extended back to 2008, at the earliest.
Berman DeValerio ( www.bermandevalerio.com) filed the complaint July 19, 2010 in the United States District Court for the Eastern District of Louisiana. The complaint was filed as The Oklahoma Police Pension & Retirement System v. BP et al., 2:10-cv-02013.
The action seeks to recover losses under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission (the “SEC”), as well as state law claims. Pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as the Lead Plaintiff are required to file a motion for appointment as Lead Plaintiff by no later than July 20, 2010.The complaint claims that BP failed to disclose that the Company’s operations were being conducted in a highly reckless manner, as it lacked any legitimate plan to respond to an oil spill from its drilling activities in the Gulf of Mexico (the “Gulf”), which it had touted since at least June 2005 as a major growth area. Those concealed risks materialized with a fatal April 20, 2010 fire on the Deepwater Horizon oil rig that led to the worst oil spill in U.S. history, according to the complaint.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV