| Company: | Superior Offshore International, Inc. |
| Ticker Symbol: | NASD: DEEP |
| Class Period: | April 20, 2007 to January 9, 2008 |
| Date Filed: | Feb-29-08 |
| Lead Plaintiff Deadline: | April-28-08 |
| Court: | Eastern District, LA |
| Allegations: |
A class action lawsuit has been filed against Superior Offshore International, Inc. ("Superior Offshore" or the "Company") (NASDAQ: DEEP) in the United States District Court for the Eastern District of Louisiana, on behalf of shareholders who purchased the common stock of the Company in connection with Superior Offshore's Initial Public Offering ("IPO") on or about April 20, 2007, or who purchased shares thereafter in the open market through January 9, 2008.
Superior Offshore, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
On April 20, 2007, Superior Offshore and Company insiders sold over 10 million shares of common stock to the public, raising gross proceeds in excess of $152 million. However, unbeknownst to investors at the time of the IPO, the Company's core business was not performing according to plan, its core market in the Gulf of Mexico was declining, and defendants would be forced to immediately transform and reorganize the Company, and enter into new, untested markets such as Deep Water and International Operations. Moreover, at the time of the IPO, Superior Offshore was not operating according to plan, such that the Company's sales already had been, and foreseeably would continue to be, adversely affected.
Beginning on August 14, 2007 -- after defendants and other Company insiders liquidated over $49 million of their personally held shares -- Superior Offshore revealed the truth about the Company, including that the problems existing at the time of the IPO would result in extremely disappointing results for the foreseeable near-term, and would force defendants to reorganize and transform the Company. Later, on November 14, 2007, shares again declined after defendants belatedly revealed that the Company was operating even below its recently revised forecasts, and that its core business was operating even worse than previously disclosed. On January 9, 2008, the Company announced that it was suspending its prior substantially downward revised guidance.
Following these belated disclosures, shares of Superior Offshore fell from their offering price of $15 per share to approximately $3.50 per share as a direct result of defendants' belated disclosures.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Superior Offshore, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
On April 20, 2007, Superior Offshore and Company insiders sold over 10 million shares of common stock to the public, raising gross proceeds in excess of $152 million. However, unbeknownst to investors at the time of the IPO, the Company's core business was not performing according to plan, its core market in the Gulf of Mexico was declining, and defendants would be forced to immediately transform and reorganize the Company, and enter into new, untested markets such as Deep Water and International Operations. Moreover, at the time of the IPO, Superior Offshore was not operating according to plan, such that the Company's sales already had been, and foreseeably would continue to be, adversely affected.
Beginning on August 14, 2007 -- after defendants and other Company insiders liquidated over $49 million of their personally held shares -- Superior Offshore revealed the truth about the Company, including that the problems existing at the time of the IPO would result in extremely disappointing results for the foreseeable near-term, and would force defendants to reorganize and transform the Company. Later, on November 14, 2007, shares again declined after defendants belatedly revealed that the Company was operating even below its recently revised forecasts, and that its core business was operating even worse than previously disclosed. On January 9, 2008, the Company announced that it was suspending its prior substantially downward revised guidance.
Following these belated disclosures, shares of Superior Offshore fell from their offering price of $15 per share to approximately $3.50 per share as a direct result of defendants' belated disclosures.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
