MINNEAPOLIS, March 7, 2008 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of Superior Offshore International, Inc. ("Superior Offshore" or the "Company") (Nasdaq:DEEP) pursuant to or traceable to the April 20, 2007 initial public offering ("IPO") (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before April 28, 2008. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Superior Offshore and certain of its officers, directors and underwriters violated federal securities laws by issuing a materially false and misleading Registration Statement and Prospectus in connection with the IPO. On April 20, 2007, Superior Offshore and Company insiders sold over 10 million shares to the public, raising proceeds in excess of $152 million. Unbeknownst to investors, at the time of the IPO, the Company's sales had been adversely affected, its core business was not performing according to plan and its core market in the Gulf of Mexico was declining.
On August 14, 2007, after Company insiders liquidated over $49 million of their personally held shares, Superior Offshore revealed that the problems existing at the time of the IPO would result in extremely disappointing results for the foreseeable near-term, and would force Defendants to reorganize the Company. On November 14, 2007, shares declined after Defendants revealed that the Company was operating even below its recently revised forecasts, and that its core business was operating even worse than previously disclosed. On January 9, 2008, the Company announced that it was suspending its prior substantially downward revised guidance. On this news, shares of Superior Offshore fell from their offering price of $15 per share to approximately $3.50 per share.
If you purchased Superior Offshore International, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com)
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
(651) 633-5685