Misleading and false statements made by BP PLC executives before the Deepwater Horizon oil spill were material to investors, not just a matter of corporate mismanagement, shareholders argued in court documents filed on June 6 in the securities multidistrict litigation against the company.
Shareholders, who filed the documents in opposition to BP’s motions to dismiss the litigation, added that investors who purchased shares in the United States may bring securities fraud allegations against BP, which is based in the United Kingdom, despite a recent U.S. Supreme Court decision addressing foreign issuers.
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