Berman DeValerio Files Class Action Lawsuit
Extending Class Period in BP Action
July 19, 2010 07:45 PM Eastern Daylight Time
NEW ORLEANS, La.--(EON: Enhanced Online News)--The law firm of Berman DeValerio filed a securities fraud
lawsuit today against BP, plc (NYSE: BP) (“BP” or the “Company”), expanding the complaint to cover certain
investors who acquired BP stock as early as mid-2005.
The complaint, filed on behalf of the Oklahoma Police Pension & Retirement System, includes investors who
purchased or otherwise acquired American Depository Shares (“ADS”) of BP between June 30, 2005 and June 1,
2010, inclusive (the “Class Period”) and all U.S. investors who purchased or otherwise acquired ordinary shares of
BP during the Class Period. In previous complaints, the Class Period for ordinary shares had extended back to
2008, at the earliest.
Berman DeValerio (www.bermandevalerio.com) filed the complaint July 19, 2010 in the United States District
Court for the Eastern District of Louisiana. The complaint was filed as The Oklahoma Police Pension & Retirement
System v. BP et al., 2:10-cv-02013.
The action seeks to recover losses under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the
“Exchange Act”) and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange
Commission (the “SEC”), as well as state law claims. Pursuant to the Private Securities Litigation Reform Act of
1995, investors wishing to serve as the Lead Plaintiff are required to file a motion for appointment as Lead Plaintiff
by no later than July 20, 2010.
The complaint claims that BP failed to disclose that the Company’s operations were being conducted in a highly
reckless manner, as it lacked any legitimate plan to respond to an oil spill from its drilling activities in the Gulf of
Mexico (the “Gulf”), which it had touted since at least June 2005 as a major growth area. Those concealed risks
materialized with a fatal April 20, 2010 fire on the Deepwater Horizon oil rig that led