K-Sea Escapes Investor Suit Over Obsolete Oil Tankers

Law360, New York (June 18, 2013, 2:35 PM EDT) -- A New Jersey federal judge on Friday tossed a putative class action alleging oil barge operator K-Sea Transportation Partners LP misled investors in 2009 about the company’s earnings and neglected to reveal that its obsolete fleet of single-hull tankers would be phased out.

U.S. District Judge William H. Walls dismissed claims alleging K-Sea’s top brass, including CEO Timothy J. Casey, Chief Financial Officer Terrance Gill and Chief Operating Officer Thomas Sullivan, misled investors in quarterly earnings conference calls throughout 2009 about the actual state of K-Sea’s...
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