Shareholder Class Action Filed Against Superior Offshore International, Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessl

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, [phone], toll free, or

[phone],  



Web site:  http://www.sbtklaw.com/ 

Copyright