Shareholders, who filed the documents in opposition to BP’s motions to dismiss the litigation, added that investors who purchased shares in the United States may bring securities fraud allegations against BP, which is based in the United Kingdom, despite a recent U.S. Supreme Court decision addressing foreign issuers.
Shareholders have sued BP for securities fraud, alleging that its executives made false and misleading statements about the company’s commitment to safety before the oil spill on April 21, 2010, killed 11 workers and caused massive environmental damage in the Gulf of Mexico. The litigation — which includes a securities class action; a consolidated derivative complaint filed on behalf of shareholders of the company; and claims brought under the U.S. Employee Retirement Income Security Act by BP employees — has been coordinated before U.S. District Judge Keith Ellison in Houston.
