Houston-based provider of subsea construction and commercial diving services Superior Offshore International responded to several class action lawsuits filed against the company, dismissing the lawsuits as "without merit." Superior Offshore stated that it would "vigorously defend itself" against the lawsuits, which allege that Superior violated federal security laws.
The lawsuits claim that Superior Offshore included, or allowed the inclusion of, false and misleading statements in the company's Registration Statement and Prospectus, issued in connection with Superior's April 2007 initial public offering. Specifically, there are claims that Superior Offshore hid that its core market in the Gulf of Mexico was declining and it would be moving into untested markets.
Law firms filing suit include Johnson & Perkinson, Federman & Sherwood, Kahn Gauthier Swick and the Law Offices of Eric J. O'Bell.