Superior Offshore Intl (MM) (NASDAQ:DEEP)
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From Jun 2019 to Jun 2024
Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin
Stoia”) (http://www.csgrr.com/cases/superioroffshore/)
today announced that a class action has been commenced in the United
States District Court for the Western District of Louisiana on behalf of
purchasers of Superior Offshore International, Inc. (“Superior
Offshore”) (NASDAQ:DEEP) common stock pursuant
or traceable to the Company’s April 20, 2007
Initial Public Offering (the “IPO”
or “Offering”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from February 28, 2008. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests, please contact plaintiff’s
counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or
619/231-1058, or via e-mail at djr@csgrr.com.
If you are a member of this class, you can view a copy of the complaint
as filed or join this class action online at http://www.csgrr.com/cases/superioroffshore/.
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.
The complaint charges Superior Offshore and certain of its officers and
directors with violations of the Securities Act of 1933. Superior
Offshore provides subsea construction and commercial diving services to
the crude oil and natural gas exploration and production and gathering
and transmission industries on the outer continental shelf of the Gulf
of Mexico.
The complaint alleges that on April 20, 2007, defendants conducted the
IPO pursuant to a false and misleading Registration Statement and
Prospectus filed with the Securities and Exchange Commission.
Specifically, defendants failed to conduct an adequate due diligence
investigation into the Company prior to the Offering. They also failed
to reveal, at the time of the Offering, that the Company’s
core business was not performing according to plan, that its core market
in the Gulf of Mexico was in decline, and that defendants would be
forced to immediately transform and reorganize the Company and enter
into new, untested markets. As a result, at the time of the Offering,
the Company’s business had already been and
would continue to be adversely affected. On August 14, 2007, defendants
revealed that the Company’s problems, which
existed at the time of the Offering, would result in extremely
disappointing results for the foreseeable near term and would force
defendants to reorganize the Company. As a result, Superior Offshore’s
stock price dropped from $13.46 to as low as $10.79 in two days. Then on
November 14, 2007, Superior Offshore’s stock
price again declined precipitously when defendants revealed that the
Company was operating below its recently revised forecasts and that its
core business was operating even worse than previously disclosed. On
this news, Superior Offshore’s stock price
dropped from $9.74 to as low as $6.56 per share in two days.
Plaintiff seeks to recover damages on behalf of all purchasers of
Superior Offshore common stock pursuant or traceable to the Company’s
April 20, 2007 IPO. The plaintiff is represented by Coughlin Stoia,
which has expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken a
leading role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights violations.
The Coughlin Stoia Web site (http://www.csgrr.com)
has more information about the firm.