In re BP plc Securities Litigation
Block & Leviton is counsel to the Ohio Public Employees Retirement System ("OPERS") representing investors who purchased BP American Depository Receipts ("ADRs") in the aftermath of the explosion and sinking of the Deepwater Horizon in the Gulf of Mexico. The action charges that BP and its executives understated the amount of oil flowing from the Macando well. Defendants, it is charged, falsely represented that the amount of oil flowing from the well was between 1,000 and 5,000 barrels of oil per day despite internal BP estimates pegging the estimated flow ten to twenty times greater.
On May 24, 2014 the United States District Court for the Southern District of Texas certified OPERS and its co-lead plaintiff to represent a class of investors who purchased BP ADRs during the period April 26, 2010 through May 28, 2010. The United States Court of Appeals for the Fifth Circuit affirmed that decision in an Order dated September 8, 2015.
The action is presently scheduled for trial commencing January 2016.