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WILMINGTON, Del., Sept. 06, 2016 -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a breach of fiduciary duty and fraud lawsuit has been filed by another law firm on behalf of Superior Energy Services, Inc. (NYSE:SPN) (“Superior Energy” or the “Company”) for possible corporate misconduct. The lawsuit was filed in the District Court of Harris County, Texas on April 19, 2016, Case No. 2016-24818.
A copy of the complaint is available here. If you currently own shares of Superior Energy and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/superior-energy-services-class-action or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
According to the lawsuit, Christopher Russo (“Russo”), Martin LeBlanc (“LeBlanc”) and Scott Kerstetter (“Kerstetter”), former executives of Stabil Drill, a subsidiary of Superior Energy, participated in a scheme to divert millions from Superior Energy to their own companies.
The 42-page complaint alleges that Russo, LeBlanc and Kerstetter, established a complicated web of “sham” corporations. The complaint accuses the men of creating purchase orders, and sharing trade secrets with their sham companies to facilitate the connections.
An internal investigation conducted by Superior Energy revealed that the former executives set up certain entities so that the former executives could divert “corporate opportunities” and profits away from Superior Energy and to their own companies, and so that they could “overbill” Stabil Drill for goods and services. The complaint alleges that the former executives diverted more than $65 million from Superior Energy.
If you currently own shares of Superior Energy and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/superior-energy-services-class-action or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. [email protected] Toll Free: 1-800-423-6013
