Judge Sinks Class In Suit Over Superior Offshore IPO

Law360, New York (June 11, 2010, 3:39 PM EDT) -- A federal judge has declined to certify a class of shareholder plaintiffs in a lawsuit accusing Superior Offshore International Inc. and its securities underwriters of making false statements ahead of a $152 million initial public offering in April 2007 that preceded the oil exploration services firm's bankruptcy by one year.

Judge Nancy F. Atlas' order, issued Tuesday in the U.S. District Court for the Southern District of Texas, marked a victory for the former executives of the firm, which liquidated its assets in bankruptcy last year,...
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