According to the complaint filed May 21, 2010, there was a massive explosion on a mobile offshore drilling unit in the Gulf of Mexico operated by BP known as the Deepwater Horizon, caused by inadequate safety protocols. BP convinced investors, including Plaintiffs, that BP would be able to generate tremendous growth with minimal risk. BP was misleading the investing public. The truth was that BP was cutting comers and reducing its spending on safety measures in an effort to maximize profits in the Gulf of Mexico. Indeed, it was not until April 20, 2010, after the explosion, that material information began to emerge about BP's safety measures.
Several complaints have been filed in the District Courts for the Eastern and Western Districts of Louisiana and the Central District of California.
By the Order from the U.S. Judicial Panel on Multidistrict Litigation dated August 2010, several actions filed in the Western District of Louisiana and Central District of California are not transferred to the Southern District of Texas, In Re: BP plc Securities Litigation, MDL # 2185. All future pleadings should be filed with the newly assigned court.
On February 14, 2011, the lead plaintiffs filed a Consolidated Class Action Complaint For Violations Of Federal Securities Laws. The defendants responded by filing motions to dismiss the claims on May 6, 2011.
On February 13, 2012, a Memorandum and Order was issued partially granting Defendants’ Motion to Dismiss the ADS Purchasers in the NY/OH Plaintiff class. The motion was also partially denied as Court found that Plaintiffs adequately pleaded section 10(b) violations and also adequately pleased control liability pursuant to section 20(a). Motion was partially granted as to the dismissal of certain individual defendants. It was further ordered that Defendants’ Motion to Dismiss the Ordinary Share Purchasers was granted.
On March 30, 2012, the Court issued a Memorandum and Order granting the Defendants' Motion to Dismiss the Consolidated Complaint in the BP ERISA Litigation.
On July 5, 2012, the Court issued a Memorandum and Order granting Defendant BP's Motion to Dismiss the Class Action Complaint in related case 11-CV-2941.
On October 5, 2012, the plaintiffs filed an amended complaint. On October 23, plaintiffs filed a second amended complaint. On December 6, the third amended complaint was filed.
On January 4, 2013, the court denied the motion to certify the court's order for interlocutory appeal and to stay proceedings of the plaintiff.
On February 6, 2013, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss in Part the Second Consolidated Amended Complaint.
On March 8 and 11, 2013, the Court issued Orders granting the dismissal of the claims of certain plaintiffs.
On May 20, 2014, the Court issued a Memorandum and Order granting the renewed Motion to Certify Class.
On January 4, 2016, the Court issued an Order granting the Motions to Dismiss of certain defendants.
On September 15, 2016, the parties filed a Stipulation of Settlement. The Settlement was preliminarily approved on November 4.