NEW ORLEANS, March 8, 2008 (PRIME NEWSWIRE) -- Multiple lawsuits have been filed by a number of law firms against Superior Offshore International, Inc. ("Superior Offshore" or the "Company") (Nasdaq:DEEP) in the United States District Courts for the Eastern District of Louisiana and Eastern District of Texas, on behalf of shareholders who purchased the common stock of the Company in connection with Superior Offshore's Initial Public Offering ("IPO") on or about April 20, 2007, or who purchased shares thereafter in the open market through January 9, 2008. Due to numerous inquiries to KGS concerning the multiplicity of case filings subsequent to its original shareholder class action filed in the Eastern District of Louisiana, KGS issues this press release.
If you would like to discuss your legal rights, you may e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, via cell phone after hours at 504-301-7900, or by email at lewis.kahn@kgscounsel.com.
In all of the pending cases, Superior Offshore, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.
If you wish to serve as lead plaintiff in this class action lawsuit, you must file your request no later than April 28, 2008. Any member of the putative class may request to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KGS expects all of the pending cases to be transferred to one federal judge who will oversee one consolidated shareholder class action. If you would like to discuss your legal rights, or if you have further questions about the Louisiana and Texas cases and how they impact you, please e-mail or call KGS Managing Partner Lewis Kahn, without obligation or cost to you, toll free 1-866-467-1400, ext. 100, after hours via cell phone 504-301-7900, or by email at lewis.kahn@kgscounsel.com. To learn more about KGS, you may visit www.kgscounsel.com. KGS is a law firm focused on securities class action litigation with offices in New Orleans and New York City (www.kgscounsel.com).
KGS' lawyers have significant experience litigating complex securities fraud class actions. Among other cases, KGS has been appointed Lead or Co-Lead Counsel in the following securities cases: In re: U.S. Auto Parts Networks, Inc. Securities Litigation, C.D. Cal.; In re Optionable, Inc. Securities Litigation, S.D.N.Y.; In re Xethanol Corporation Securities Litigation, S.D.N.Y.; Pixelplus Co. Ltd., S.D.N.Y.; In re Witness Systems Inc. Securities Litigation, N.D. Ga.; Whitney Information Network, M.D. Fla.; Bodisen Biotech, Inc., S.D.N.Y.; Pegasus Wireless Corp., S.D. Fla.; In re Xinhua Finance Media, Ltd. Securities Litigation, S.D.N.Y.; Terayon Comm. Systems Inc., N.D. Cal.; Gaming Partners, D. Nev.; and In re BigBand Networks, Inc. Securities Litigation, N.D. Cal.
SPECIAL NOTICE: While federal law does not prohibit other lawyers from "announcing" the filing of KGS' class action through the issuance of other press releases, KGS is the law firm that researched, investigated, drafted and filed the original securities case against Superior Offshore. If you are a Superior Offshore shareholder who decides to contact one of these lawyers, KGS reminds you to interview any such lawyer to assure that he or she understands the facts surrounding the substantive claims alleged in the complaint KGS has filed with the Court. Factors bearing on a law firm's ability to successfully prosecute this action and obtain a recovery for you include its lawyers' knowledge of applicable federal securities laws, the resources it will dedicate to prosecution of the case (including the number of lawyers the firm has available to prosecute this action) and the quality of the firm's work.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca/