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Superior Offshore International, Inc. Summary: On April 21, 2008, the Court granted the motion to transfer the first filed case from the United States District Court for the Eastern District of Louisiana to the Southern District of Texas. The case was then ordered consolidated with Lead Case In re Superior Offshore International, Inc. Securities Litigation, Civil Docket 08-CV-687, in the Southern District of Texas.
Several class actions were filed in the United States District Court for the Eastern and Western Districts of Louisiana and the Southern District of Texas.
The complaint charges Superior Offshore, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
Specifically, the complaint alleges that on April 20, 2007, Superior Offshore and Company insiders sold over 10 million shares of common stock to the public, raising gross proceeds in excess of $152 million. However, unbeknownst to investors at the time of the IPO, the Company's core business was not performing according to plan, its core market in the Gulf of Mexico was declining, and defendants would be forced to immediately transform and reorganize the Company, and enter into new, untested markets such as Deep Water and International Operations. Moreover, at the time of the IPO, Superior Offshore was not operating according to plan, such that the Company's sales already had been, and foreseeably would continue to be, adversely affected.
Beginning on August 14, 2007 -- after defendants and other Company insiders liquidated over $49 million of their personally held shares -- Superior Offshore revealed the truth about the Company, including that the problems existing at the time of the IPO would result in extremely disappointing results for the foreseeable near-term, and would force defendants to reorganize and transform the Company. Later, on November 14, 2007, shares again declined after defendants belatedly revealed that the Company was operating even below its recently revised forecasts, and that its core business was operating even worse than previously disclosed. On January 9, 2008, the Company announced that it was suspending its prior substantially downward revised guidance.
Following these belated disclosures, shares of Superior Offshore fell from their offering price of $15 per share to approximately $3.50 per share as a direct result of defendants' belated disclosures.
INDUSTRY CLASSIFICATION:
SIC Code: 1389
Sector: Energy
Industry: Oil Well Services & Equipment
| COMPANY/ISSUER NAME: | Superior Offshore International, Inc. |
| COMPANY/ISSUER TICKER: | DEEP |
| COMPANY WEBSITE: | http://www.superioroffshore.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Jennifer Ann Bechtel, et al. v. Superior Offshore International, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 2/28/2008 | ||
| Order On Consent Motion To Transfer Venue Under 28 U.S.C. & 1404(a) | |||
| Type: Order | Date on the document: 4/21/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/30/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Robert Brand, et al. v. Superior Offshore International, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Order | |||
| Type: Order | Date on the document: 4/9/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 5/13/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Robert Brand, et al. v. Superior Offshore International, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/29/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Bill Knowles, et al. v. Superior Offshore International, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/06/2008 | ||
| Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Ellen Brodsky, et al. v. Superior Offshore International, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/25/2008 | ||
| Class Action Complaint - Demand for Jury Trial | |||
| Case Name and/or Number: Jerome Lawrenz, et al. v. Superior Offshore International, Inc., et al. | |||
| Type: Complaint | Date on the document: 3/31/2008 | ||
| U.S. District Court Civil Docket | |||
| Case Name and/or Number: Jennifer Ann Bechtel, et al. v. Superior Offshore International, Inc., et al. | |||
| Type: Docket | Date on the document: 5/8/2008 | ||
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