BP plc (NYSE: BP, LSE: BP, FRA:BPE5, BMV: BPN)
Ontario Superior Court of Justice, Court File No: CV-12-00467836-00CP
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This Action relates to BP, a Responsible Issuer until January 12, 2009, publishing, on a global scale including directly to Canadian resident shareholders, a misrepresentation and omission in its core documents concerning its IEP, OMS, and OSRP. The primary Corrective Disclosures occurred after the stock exchanges closed on May 28, 2010, when there was a failure with BP’s OSRP and resulting oil spill and clean-up efforts, which could have happened at any of BP’s oil exploration facilities around the world. This time the failure of BP’s IEP and OMS resulted in the April 20, 2010 Deepwater Horizon explosion, which occurred in the Gulf of Mexico. Plaintiff acquired equity securities of BP prior to and after when BP disseminated these documents containing the misrepresentation and omission. The value of Plaintiff’s securities lost material value after the misrepresentation and omission were corrected.
On October 9, 2013, the Ontario Superior Court of Justice denied, in full, BP plc’s Jurisdiction Motion allowing the action to proceed forward on behalf of all Canadian investors that purchased BP’s securities listed on the London, New York, and Toronto Stock Exchanges between May 9, 2009 and May 28, 2010. The opinion can be read at Kaynes v BP plc, 2013 ONSC 5802 (Oct 9, 2013). On November 9, 2013, BP plc filed a notice of appeal. Plaintiff has retained Groia & Co. to assist with the appeal.