Coughlin Stoia Geller Rudman & Robbins LLP files class action suit against Super
Posted on 03.04.2008 - 12:00 UTC in GENERAL NEWS by Rons_ROV_Links
Coughlin Stoia Geller Rudman & Robbins LLP files class action suit against Superior Offshore International, Inc.
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 firstname.lastname@example.org. 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.