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Case Status:    SETTLED
On or around 07/16/2001 (Date of order of final judgment)

Filing Date: February 03, 1998

According to the Order entered on October 9, 2002, U.S. District Judge Vicki Miles-LaGrange granted the Plaintiffs’ motion for order for Distribution of Class Settlement Fund. Earlier, on July 16, 2001, the Court entered the Order and Final Judgment approving the Stipulation and Agreement of Settlement, dated April 9, 2001, as fair, reasonable and adequate for the settlement of all claims asserted by the Class against the Defendants in the Complaint. The Court granted Plaintiffs’ Counsel an award of attorney fees in the amount of $1,033,333.00 and $167,510.75 in reimbursement of expenses, paid from the Settlement Funds and with interest.

On May 7, 2001 Plaintiffs entered into a proposed settlement of this action that will resolve all claims of the plaintiffs and the Class against defendants. A Settlement Fund consisting of $3,100,000 in cash, plus interest, has been established.

The plaintiffs in this lawsuit purport to sue on their own behalf and on behalf of all persons who purchased shares of Common Stock on or traceable to the Initial Public Offering. In the lawsuit, plaintiffs allege claims under the Securities Act of 1933 and the Oklahoma Securities Act. The plaintiffs allege that the registration statement and prospectus for the Initial Public Offering contained materially false and misleading information and omitted to disclose material facts. In particular, the plaintiffs allege that such registration statement and prospectus failed to disclose financial difficulties of Chesapeake, the Company's largest customer, and the effects of such difficulties on Chesapeake's ability to continue to provide the Company with substantial drilling contracts. The petitions further allege that the Company failed to disclose pre-offering negotiations with R.T. Oliver Drilling, Inc., whom the plaintiffs allege was a related party, for the purchase of drilling rigs. In addition, the petitions allege that the Company failed to disclose that its growth strategy required costly refurbishment of older drilling rigs that would dramatically increase the Company's costs, which could not be sustained by internally generated cash flows, and would negatively impact the Company's liquidity.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BDI
Company Market: American SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Oklahoma
DOCKET #: 98-CV-00171
JUDGE: Hon. Vicki Miles-LaGrange
DATE FILED: 02/03/1998
CLASS PERIOD START: 11/04/1997
CLASS PERIOD END: 02/03/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Jones, Givens, Gotcher & Bogan, PC.
    3800 First Place Tower, 15 East Fifth Street, Jones, Givens, Gotcher & Bogan, PC., OK 74103-4309
    918.581.8200 · jweger@jonesgivens.com
  2. Lytle Soule & Curlee
    119 N Robinson Ave, Suite 1200, Lytle Soule & Curlee, OK 73102
    405.235.7471 ·
  3. Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA)
    600 West Broadway, 1800 One America Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (San Diego, CA), CA 92101
    800.449.4900 · support@milberg.com
  4. Norman, Edem, McNaughton & Wallace

    ·
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  6. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  7. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: W.D. Oklahoma
DOCKET #: 98-CV-00171
JUDGE: Hon. Vicki Miles-LaGrange
DATE FILED: 07/30/1998
CLASS PERIOD START: 11/04/1997
CLASS PERIOD END: 02/03/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  2. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  3. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  4. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date