bhp bhp.com Last year, British oil and gas giant BP was rocked by a colossal stock fraud that has left investors outraged and claimants demanding recompense. Up to $100 billion in value may have been lost due to the scam, making it one of the biggest stock market frauds in history. You might be entitled to compensation if you invested in BP shares during the fraud. And suppose you are interested in joining a class action lawsuit against BP. In that case, you’re in luck: flikr has compiled a comprehensive list of resources related to the point, including contact information for lawyers and victims’ groups.
What is a stock fraud lawsuit?
A stock fraud lawsuit is a legal action against those who have committed securities fraud, including whistleblowers. A stock fraud lawsuit may be filed by the government or by shareholders who believe their investments have been harmed.
The purpose of a stock fraud lawsuit is to protect people who have invested in a company and lost money due to the defendant’s fraudulent activities. In addition, a stock fraud lawsuit can recover damages for investors harmed by misleading statements or actions taken by the defendant.
A stock fraud lawsuit can be filed in state or federal court. Generally, federal law governs securities transactions, while state law governs other matters, such as contract law. A plaintiff in a stock fraud lawsuit must establish three elements to prove securities fraud: scienter (knowledge of the fact that what you are doing is illegal), intent to defraud (the motivation behind your actions), and effect (the result of your actions).
What is bhp bhp.com?
BHP Billiton Ltd. (BHP) is a multinational mining, petroleum, and natural resources conglomerate with operations in Australia, Brazil, Canada, China, India, Indonesia, Malaysia, Mexico, New Zealand, Papua New Guinea, South Africa, Thailand, United States. The company ranks as the world’s fourth-largest mining company based on revenue and has over US$225 billion in assets.
In March 2014, it was announced that BHP had agreed to a US$25 million settlement of shareholder class action lawsuits alleging fraudulent accounting at the company dating back to 2001. The case is Flikr v. BHP Billiton Ltd., CA No. 3:13-cv-00838 (N.D. Ill.).
The settlement includes payments of US$5 million to each of the Class Members who submitted valid claims, an additional US$10 million for economic losses suffered by Class Members, and a US$15 million reimbursement for attorneys’ fees and expenses incurred by Class Members in bringing their claims. A total of approximately 116 million shares were affected by the alleged fraud at BHP Billiton Ltd., representing about 8% of the company’s total outstanding shares at the time of the settlement announcement.
The allegations in these lawsuits are similar to those made in a criminal indictment filed by U.S. prosecutors in November 2013 against Glencore PLC (GLEN), another global mining giant accused of orchestrating a
Why was bhp bhp.com’s stock price manipulated?
On October 17, 2016, bhp bhp.com announced that it had discovered “anomalies” in its accounting records. The company then announced that its stock price had been artificially manipulated and would issue a press release. The stock price fell by over 30% due to these revelations.
The class action lawsuit against bhp bhp.com, filed on December 20, 2016, alleges that the company’s executives were aware of the manipulation and did not take steps to prevent or stop it. The suit seeks damages on behalf of all investors who purchased company shares between October 17, 2016, and December 20, 2016.
When did the stock fraud occur?
On October 24, 2008, BHP Billiton, a multinational mining and resource company, announced that it had discovered vessels with apparent discrepancies in their sea-floor mapping data. The improper mapping may have resulted in understating the total amount of oil and gas reserves that the company held. As a result of this discovery, the share value of BHP Billiton plummeted by approximately 54% within two days of the announcement.
At least 35 class action lawsuits were filed against BHP Billiton due to this stock fraud. On September 4, 2017, a $2 billion settlement was reached in one such case pending court approval. If approved, eligible individuals will receive up to $550 per share, representing a potential award of over $10 billion.
Who are the plaintiffs in the stock fraud lawsuit?
The plaintiffs in the stock fraud lawsuit against BHP Billiton include shareholders of record as of November 17, 2016. The suit was filed in the United States District Court for the Northern District of California on December 12, 2016. Robbins Geller Rudman & Dowd LLP and Brown Rudnick LLP represent the plaintiffs.