Superior Energy Services, Inc. (NYSE:SPN) Investor Investigation Concerning Possible Misconduct By Certain Former Executives Announced

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Company Name(s): 
Superior Energy Services
Affected Securities: 
NYSE: SPN

September 9, 2016 (Shareholders Foundation) - An investigation for investors in shares of Superior Energy Services, Inc. (NYSE:SPN) was announced over potential breaches of fiduciary duties by certain former executives of Superior Energy Services.

The investigation by a law firm concerns whether certain former executives of Superior Energy Services breached their fiduciary duties.
Superior Energy Services filed a lawsuit against certain former executives of Superior Energy Services, Inc. over breach of fiduciary duty. According to the lawsuit certain former executives of Stabil Drill, a subsidiary of Superior Energy Services, Inc., participated in a scheme to divert millions from Superior Energy Services, Inc. to their own companies. The plaintiff alleges that those former executives diverted more than $65 million from Superior Energy Services, Inc.

Superior Energy Services, Inc. reported that its annual Total Revenue declined from over $4.55 billion in 2014 to over $2.77 billion in 2015 and that its Net Income of $257.82 million in 2014 declined to a Net Loss of $1.85 billion in 2015.Shares of Superior Energy Services, Inc. (NYSE:SPN) declined from $36.67 per share in June 2014 to as low as $8.25 per share in February 2016.