Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Superior Offshore International, Inc.
March 26 2008 - 11:03AM
Business Wire
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 djr@csgrr.com. 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.
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