By Jay Heflin - 06/10/10 10:31 PM EDT
The lawsuit notes BP's prior statements about its Gulf operations being a primary economic driver and the company's assertions that it had the technology to safely conduct the operations. But nearly a month after the catastrophic explosion, BP Chief Executive Officer Tony Hayward admitted that BP did not have the technology to stop the Gulf leak.
Shareholders claim BP violated the Securities Exchange Act of 1934 by issuing false and misleading statement about safety, technology, inspections and precautions at its offshore oil facilities. Since the explosion the company's stock has lost much of its value.