The April 20, 2010 Deepwater Horizon rig explosion
at the Macondo oil well and the resulting spill in the Gulf of Mexico – the worst oil spill in U.S. history – devastated countless lives and caused immeasurable environmental damage. The spill directly impacted 68,000 square miles of ocean and the coasts of Louisiana, Mississippi, Florida, Alabama and Mississippi.
The spill also injured investors in BP p.l.c. (“BP”), which was the majority owner of the well. Within weeks of the spill, the price of BP’s ordinary shares and its American Depository Shares (ADS’s) plummeted nearly 50%. This rout was driven by revelations regarding BP’s prior misstatements about its commitment to safety and the true scope of the spill. Read More