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Sunday, June 16, 2024 | Back issues
Courthouse News Service Courthouse News Service

Shareholders Sue Superior Offshore

HOUSTON (CN) - Merill Lynch and JP Morgan have been sued in a class action over their role in underwriting a stock offering for Superior Offshore International, a company that reaped $49 million in unjust profits by dumping 11 million shares at prices inflated by their failure to reveal the company's declining financial prospects, shareholders claim in Federal Court.

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