BP Accused Of Lying About Safety To Inflate Stock Price

Law360, New York (July 23, 2012, 8:03 PM EDT) -- A foreign shareholder of BP PLC hit the petroleum giant with a suit in Texas state court on Monday, alleging it artificially inflated its London Stock Exchange stock price, which later crashed in the wake of the Deepwater Horizon disaster.

The South Yorkshire Pensions Authority claims BP misled investors for years about the safety of its operations, its ability to respond to a major accident, and its exposure to liability, driving up its stock price, which lost nearly half of its value when the truth was...
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