Dallas (PRWEB) May 12, 2010
Doyle Lowther LLP, a national law firm representing consumers and investors, is investigating BP p.l.c. and its board of directors for alleged breaches of fiduciary duty and state law violations concerning BP's safety, risk management, and hazardous spill avoidance practices. If you currently hold BP stock purchased prior to April 21, 2010, you are encouraged to contact us by telephone at 1-877-573-0007 or by email to info(at)doylelowther(dot)com
The April 20, 2010 explosion of the Deepwater Horizon oil rig, located 52 miles southeast of Venice, Louisiana, has resulted in eleven crewmembers being killed in the blast and a major environmental crisis in the Gulf of Mexico.
On April 22, 2010, after the fire was extinguished, the Deepwater Horizon rig sank to the bottom of the Gulf of Mexico. According to an April 24, 2010 Associated Press article, BP officials and the Coast Guard initially said around 1,000 barrels of oil per day were leaking from the wellsite. But on April 29, 2010, according to a Bloomberg news report, BP and federal officials found a third leaking wellsite, and estimated as many as 5,000 barrels of oil per day were gushing from the wellsite. Then on May 10, 2010, NBC news reported the well is spilling 200,000 gallons of crude into the Gulf of Mexico each day.
On May 13, 2010, the Wall Street Journal reported BP ignored "red flags" as the Deepwater Horizon rig failed a key pressure test hours before it exploded. But the rig was not shut down, even after the Deepwater Horizon failed the pressure test, according to congressional investigators and documents reviewed by the Wall Street Journal. The consequences to BP and the United States are catastrophic.
This is the latest in a series of failures arising from BP’s energy business in the United States. On October 25, 2007, the United States Department of Justice announced BP agreed to a $373 million settlement arising from BP's environmental crimes and charges resulting from a 2005 explosion at a BP Texas refinery, Alaska BP pipeline leaks, and BP's attempt to manipulate the propane market.
BP now faces billions of dollars in unnecessary costs and BP shareholders have been adversely impacted by the decline in BP's share price. BP's stock closed at $59.48 on April 19, 2010, and closed today at $48.50, an 18.4% drop.
Doyle Lowther represents investors, consumers and institutions across the United States in class actions and other complex litigation. The firm’s partners have worked on some of the largest, high-profile frauds in the United States, including the Enron and Dynegy securities litigations, the New York Stock Exchange securities litigation, and the Trans Union privacy litigation. Our work has collectively helped to recover billions of dollars on behalf of injured institutions and individuals.
John Lowther, Esq.
Doyle Lowther LLP
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