K-Sea Duped Investors On Obsolete Oil Tankers: Suit

Law360, New York (January 30, 2012, 7:03 PM EST) -- Oil barge operator K-Sea Transportation Partners LLC failed to tell investors in 2009 that an environmental law banning single-hull tankers had capsized its revenues, according to a putative class action launched Thursday in New Jersey federal court.

K-Sea artificially inflated its stock price by touting the market for its single-hull oil tankers, which make up nearly a fifth of the company’s total fleet, according to the lawsuit by Rescue Mission of El Paso Inc. In reality, demand for the vessels had rapidly declined due to the...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

RESCUE MISSION OF EL PASO, INC. v. NICOLA et al


Case Number

2:12-cv-00509

Court

New Jersey

Nature of Suit

Securities/Commodities

Judge

William H. Walls

Date Filed

January 25, 2012

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.