Some BP stockholders revolt, file suit alleging mismanagement
Tuesday, May 25, 2010
Add this interesting case to the tide of lawsuits already hitting BP over the Gulf oil disaster: Shareholders in Alaska alleging gross mismanagement of operations — including at wells on Alaska’s North Slope — that they say has imperiled their investments. This is from the Anchorage Daily News:
The lawsuit, filed Thursday in Superior Court in Anchorage, alleges the officials did not take the necessary steps to ensure BP compliance with safety rules and environmental safeguards, citing last month’s oil rig explosion in the Gulf of Mexico, a 2005 refinery blast in Texas and concerns U.S. Reps. Henry Waxman and Bart Stupak raised earlier this year about BP operations on Alaska’s North Slope.
“Defendants’ disdain for safety and environmental laws, and the resulting loss of lives and property, has plunged BP into a public relations crisis,” the lawsuit claims. This has resulted in BP being “tagged as an unsafe company and gross polluter, all of which are extremely negative developments which are hurting BP’s business.”
In a separate case filed last week in Alaska, petitioners are asking the federal court to force BP to comply with a 2008 settlement in a case in which shareholders accused the oil corporation of exposing itself to billions of dollars in fines potential exposure by ot proprly overseeing its operations.
By the way, shares of BP were at $477.15 at the end of trading Monday, down from a recent peak of $653 on April 15 — five days before the explosion that killed 11 men, and seven days before the Deepwater Horizon rig collapsed to the seafloor as oil began spewing from the broken well.