Class Action Lawsuit Against Hornbeck Dismissed
Hornbeck Offshore reports that the class action lawsuit previously filed against the Company and certain of its senior executives, relating to disclosures under the securities laws, has been voluntarily dismissed by the lead plaintiffs without any payment by the Company or its insurers. An order granting the dismissal of the case has been entered by the United States District Court for the Eastern District of Louisiana.
Todd Hornbeck, Hornbeck President and CEO, commented, "From the outset, we firmly believed that the allegations against the Company and our executive team were without any factual or legal merit. For this reason, the Company decided to offer access to documents and key personnel not otherwise available to the plaintiffs so that they could fully reconsider their allegations. We are pleased that after eight months of conducting their independent investigation, including review of the information that we voluntarily provided them, the plaintiffs concluded that it was in their best interest to dismiss their complaint. Although it is unfortunate that this lawsuit was ever filed, the plaintiffs' decision to 'walk away' before the Company even filed a response or motion for summary judgment, we believe, completely vindicates our position that the Company and its management team did not violate any securities laws."
Hornbeck Offshore is a leading provider of technologically advanced, new generation offshore supply vessels primarily in the U.S. Gulf of Mexico and select international markets. It is also a leading transporter of petroleum products through its fleet of ocean-going tugs and tank barges primarily in the northeastern U.S. and in Puerto Rico. Hornbeck Offshore currently owns a fleet of over 80 vessels primarily serving the energy industry.
- Bollinger Shipyards Bags OSV Conversions from Hornbeck Offshore (Oct 10)
- Hornbeck Offshore Appoints New Board Member (Feb 15)
- Hornbeck Offshore Opens Wallet for 16 More Offshore Supply Vessels (Nov 17)