BP Prudhoe Bay Royalty Trust Case 10/18/2006
On November 19, 2007, an order setting trial date and related dates was entered. However, an amended order setting trial date and related dates was entered on November 21, 2007. On November 29, 2007, a stipulation and order was entered and filed by The Teramura Family Trust Group. Later on, an order granting in part and denying in part the motion for protective order was entered on February 25, 2008. On May 08, 2008, a motion to certify class was filed by The Teramura Family Trust Group. An order regarding briefing schedule with respect to class certification motion was entered on May 20, 2008. On July 22, 2008, a stipulation and proposed order was entered in regards to the attorney withdrawal by parties. Lastly, a stipulation and order permitting a total of eighteen pages for lead plaintiff’s reply brief to further support of the motion of lead plaintiff for class certification was entered.
According to an article dated November 30, 2007, on October 26, 2007, the U.S. District Court for the Western District of Washington denied a company and its individual officers and directors' motion to dismiss a securities fraud class action against it, finding that the plaintiffs adequately alleged scienter and met the requirements for the group pleading doctrine.
On March 2, 2007, Judge Marsha J. Pechman granted the motion to consolidate the case and further granted the motion for appointment of the Teramura Family Trust Group as Lead Plaintiff and Zwerling Schachter & Zwerling LLP as Lead Counsel. On May 1, 2007, a Consolidated Amended Class Action Complaint was filed. On June 15, 2007, the defendants filed a motion to dismiss the Consolidated Amended Class Action Complaint which is currently pending before the Court.
The original complaint alleges defendants, specifically, certain individuals at BP, violated section 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that on August 4, 2006, the Friday before BPs Monday press release announcing the shutdown of Prudhoe Bay, BPT share closed at $87.89 per share. As a result of the disclosures, on August 6 and 7, 2006 of defendants’ wrongdoing, on August 8, 2006, the price of BPT shares fell and closed at $73.61 per share. By September, the price had decline to $67.25 as a result of public disclosures concerning defendants’ misconduct.