Law360, New York (May 07, 2012, 10:01 PM ET) -- The lead plaintiff in a putative securities fraud class action against three Delta Petroleum Corp. executives on Monday blasted the bankrupt oil and gas exploration company's claim that the suit seeks to confiscate debtor property by pursuing the nondebtor executives.
George Darwin told a Delaware bankruptcy court that Delta's motion seeks the “extraordinary remedy” of enjoining the plaintiffs from pursuing securities litigation against nondebtor defendants. In doing so, it maintains, “in the most conclusory fashion and with no evidentiary support,” that the suit seeks property of...
Delta Petroleum Securities Fraud Plaintiff Blasts Stay Bid
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