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Case ID: 5049 | Stocks | 07/17/2008
On April 01, 2008, a notice of non-opposition in regards to the amended motion of the institutional investors group for the appointment of lead plaintiff and lead counsel was filed by Bankinter Gestion De Activos. Just as quickly, minutes of order explaining about the possible dismissal due to the absence of show cause was entered on May 23, 2008. Hence, the court ordered the plaintiffs to show cause why this action should not be dismissed for lack of prosecution and a time frame for submitting related materials has been set.
According to the complaint, this action alleges that the defendants intentionally and/or deliberately recklessly failed to properly and safely maintain BP’s oil pipelines in Prudhoe Bay, Alaska. On March 2, 2006, a massive leak releasing more than 200,000 gallons of oil occurred in BP’s Prudhoe Bay oil pipeline. Criminal and civil investigations by federal and state agencies determined that the lead was due to internal corrosion caused by bacteria. BP’s own internal investigation revealed that the use of a “smart pig” – an industry-recognized good practice – could have discovered the internal corrosion. The Department of Transportation issued a Corrective Action Order on March 15, 2006 requiring BP Exploration Alaska to (“BPXA”) to take remedial action, including running a smart pig in the Prudhoe Bay oil pipelines. Defendants assured BP investors that its corrosion monitoring was “aggressive” and “robust.” Despite the severity of the March 2006 oil spill – the worst in the history of North Slope of Alaska – BP persisted with its inadequate maintenance of the Prudhoe Bay pipelines. On August 7, 2006, before the stock market opened, BP announced that BPXA was completely shutting down production in Prudhoe Bay after a second lead and resultant oil spill from another corroded pipeline occurred. A Congressional investigation on April 20, 2007 revealed that extensive cost cutting at BPXA may have contributed significantly to the pipeline corrosion that caused the March 2006 spill. BP pleaded guilty to a criminal violation of the federal Clean Water Action on November 29, 2007 and agreed to pay a $20 million fine in settlement of federal and state criminal violations in connection with the March and August 2006 Prudhoe Bay oil spills. During the Class Period, the Defendants had actual knowledge of, or recklessly disregarded, material facts and failed to disclose material information to investors concerning the maintenance and operating condition of the Prudhoe Bay pipeline. As a direct result of the market learning of the Defendants’ wrongdoing, the price of BP shares declined and plaintiff and the class suffered a loss on their investment in BP.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest According to a law firm press release dated September 8, 2008, a class action was filed against certain of Fannie Mae's officers and/or directors with violations of the Securities Exchange Act of 1934. Fannie Mae is a shareholder-owned, government-sponsored enterprise of the United States federal government that is authorized to make loans and loan guarantees. It is the leading market-maker in the U.S. secondary mortgage market, which helps to replenish the supply of money for mortgages and enables money to be available for housing purchases.
American Express Financial Advisors (AEFA), a division of American Express, was served August 1, 2005 with a motion that asked Federal Court in Arizona to certify a class of more than 500,000 former AEFA clients. The motion was filed by leading plaintiffs attorneys in Arizona. In the Class Certification motion, the former clients allege that AEFA violated fiduciary duties and perpetrated a scheme to defraud its investing clients through the Company's sale of Financial Plans. A class action has been filed against Federated Investors, Inc. (NYSE: FII) and certain of its affiliated companies by investors who purchased shares in any of Federated's mutual funds between November 1, 1998 and October 21, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period. On June 30, 2008 the judge ordered the case transferred to the Western District of Kentucky.
The parties have reached a tentative $9 million settlement in several consolidated class actions filed against footwear designer Steven Madden, Ltd. (Nasdaq:SHOO) and certain of its officers and directors by stockholders who purchased the company's common stock between June 21, 1997, and June 20, 2000. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than June 18, 2004. On May 12, 2008, several motions on the appointment of lead plaintiffs, lead counsels and co-lead counsels as well as to consolidate cases were filed by certain individuals and groups. On June 6, 2008, the Court entered the Order consolidating several actions under In re Michael Baker Corp. Securities Litigation, Civil Action No. 08-370. On June 26, 2008, the Court entered the Order appointing Michael Baker Institutional Investors Group as the presumptive lead plaintiff. According to the Order, Michael Baker Institutional Investors Group consists of the Southeast Pennsylvania Transit Authority (“SEPTA”) and the City of Tallahassee Retirement System.
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