If you purchased BP ordinary shares during the period from April 26, 2010 until 11:59 p.m. EDT on May 26, 2010 on the London Stock Exchange, the Frankfurt Borse, or another exchange outside the United States.

BP Ordinary Shares

Symbol: BP

ISIN: GB0007980591

The SEC complaint alleged that BP p.l.c. mislead it’s investors while its Deepwater Horizon oil rig was gushing into the Gulf of Mexico by significantly understating the flow rate in multiple reports filed with the SEC. BP’s offshore oil rig Deepwater Horizon was subject to an explosion on April 20, 2010, which lead to oil spilling into the Gulf of Mexico. Specifically, the SEC alleged that the global oil and gas company headquartered in London made fraudulent public statements indicating a flow rate estimate of 5,000 barrels of oil per day. BP reported this figure despite its own internal data indicating that potential flow rates could be as high as 146,000 barrels of oil per day. BP executives also made numerous public statements after the filings were made in which they stood behind the flow rate estimate of 5,000 barrels of oil per day even though they had internal data indicating otherwise. In fact, they criticized other much higher estimates by third parties as scaremongering. Months later, a government task force determined the flow rate estimate was actually more than 10 times higher at 52,700 to 62,200 barrels of oil per day, yet BP never corrected or updated the misrepresentations and omissions it made in SEC filings for investors.

On November 15, 2012, the U.S. Securities and Exchange Commission commenced an action alleging that BP p.l.c. made material misrepresentations and omitted material information known to BP regarding the rate at which oil was flowing into the Gulf of Mexico as the result of the April 20, 2010 explosion on the offshore oil rig Deepwater Horizon. The Court entered a Final Judgment against BP on December 10, 2012 enjoining BP from future violations of the federal securities laws and ordering BP to pay a civil penalty in the amount of $525 million. Pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, a Fair Fund was created on February 12, 2014 to distribute the paid penalty to eligible claimants who purchased BP American Depositary Shares listed on a U.S. Exchange between April 26, 2010 and May 26, 2010.

As of May 23, 2023, the Fair Fund had a balance of $60,317,448.47. On July 26, 2023, the Court granted a proposed order for the outstanding amount to be paid to investors who purchased BP ordinary shares traded on the London Stock Exchange, the Frankfurt Börse, or other exchanges outside the United States during the period from April 26, 2010 through May 26, 2010.