This is a securities fraud class action against BP Prudhoe Bay Royalty Trust and certain officers and directors of BP.
The class action lawsuit alleges that BP issuing materially false and misleading statements relating to the maintenance of the oil transit lines at the Prudhoe Bay oil field located on the North Slope of Alaska, which led to a partial shutdown of
Prudhoe Bay in August 2006.
On August 4, 2006, the Friday before BPs Monday press release announcing the shutdown of Prudhoe Bay, BPT share closed at $87.89 per share. As a result of the disclosures, on August 6 and 7, 2006 of BP's wrongdoing, on August 8, 2006, the price of BPT shares fell and closed at $73.61 per share. By September, the price had decline to $67.25 as a result of public disclosures concerning defendants' misconduct.
Name (Stock Symbol)
BP Prudhoe Bay Royalty Trust (BPT)
The BP Prudhoe Bay Royalty Trust is a United States oil and natural gas royalty trust. Its assets are in the Prudhoe Bay Oil Field, the largest oil field in North America, and at the end of 2006 the Trust claimed to have proved reserves of 85.1 million barrels of crude oil. Standard Oil Company and BP Exploration, both now branches of British Petroleum set up the trust in 1989. They distribute royalties on a portion of the oil produced from the Prudhoe Bay Oil Field, typically 16% of the first 90,000 barrels of net daily production.
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