Appeals Court Allows Shareholder Suit Over 2006 Alaska Oil Spill to Proceed

摘要

On February 13, 2014, the U.S. Court of Appeals for the Ninth Circuit reinstated claims in a shareholder suit against BP p.I.e. stemming from statements made by the company after a 2006 oil spill in Alaska's Prudhoe Bay oil field (Reese v. Malone, No. 12-35260 [9th Cir. Feb. 13, 2014]). BP had made statements indicating that the spill was an anomaly, but discovered a second leak five months later in the same area. That spill and the resultant shutdown of operations in the region were alleged to have caused a 4% drop in BP's share price.