TORONTO, Sept. 23, 2016 /CNW/ - Morganti Legal, a shareholder rights law firm, responds to questions from Canadian-based investors about the ongoing shareholder litigation in Canada concerning BP, p.l.c. (herein after "BP") (XETRA: BPE5, LSE:BP.L, and NYSE:BP.N).
The BP shareholder litigation arises from the April 20, 2010 explosion of BP's Deepwater Horizon in the Gulf of Mexico resulting in massive environmental damages. It is alleged that BP misrepresented material facts relating to the Company's safety procedures and mechanisms on its offshore rigs, among other things, in its core financial documents and/or filings with the United States Securities & Exchange Commission.
The Canadian shareholders allege that these misrepresentations resulted in the market price and value of BP's securities being artificially inflated or otherwise over-valued as reflected by a portion of the drop in the market price after the April 20, 2010 explosion. Morganti Legal has engaged a prominent economist to assist in measuring the market value of BP's Canadian-based shareholders' losses.
Canadian-based investors that purchased BP's securities listed on the Toronto, London, New York, and Frankfurt Stock Exchanges prior to the explosion of the Deepwater Horizon may have an opportunity to recover their financial losses.
On July 29, 2016, the Ontario Court of Appeal removed a prior order suspending the proceeding. As a result the claims against BP for the alleged financial harm resulting from the market price drop after April 20, 2010, may advance forward.
You may find a copy of the opinion Kaynes v BP plc, 2016 ONCA 601, at www.morgantilegal.com.
We encourage Canadian-based investors that purchased BP's securities listed on the Toronto, London, New York, and Frankfurt Stock Exchanges between May 9, 2007, and April 20, 2010, to contact Morganti Legal to register their interest and determine their financial losses, if any. Investors will not be charged for this service.
About Morganti Legal
You may learn more about Morganti Legal online at www.morgantilegal.com. Mr. Morganti has represented investors for seventeen years and is licensed to provide legal opinions about the Ontario Securities Act and the U.S. federal securities laws.
You may contact us toll-free at (888) 226-0845 or by email at [email protected] for further information. This press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Morganti Legal
For further information: Morganti Legal, Andrew Morganti, (647) 344-1900, Ext. 1, [email protected]