A Notice of Pendency of Class Action Has Been Announced to All Persons and Entities Who Purchased or Otherwise Acquired BP plc's American Depositary Shares ("ADSs") between April 26, 2010 and May 28, 2010

HOUSTON, Dec. 15, 2015 /PRNewswire/ --

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION

NOTICE OF PENDENCY OF CLASS ACTION
TO: All persons and entities who purchased or otherwise acquired BP plc's American Depositary Shares ("ADSs") between April 26, 2010 and May 28, 2010.

A federal court has authorized this notice. This is not a solicitation from a lawyer.

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

The purpose of this Notice is to inform you of a class action lawsuit now pending in the United States District Court for the Southern District of Texas (the "Court") under the above caption (the "Action") against BP plc ("BP"), Anthony Hayward, and Douglas Suttles (collectively, "Defendants"). This Notice is intended only to advise you of the pendency of the Action and your rights with respect to the Action.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, of the pendency of the Action as a class action.

You received this Notice because you were identified as a potential Class member. If you are member of the Class as defined in Paragraph 1 below, your rights may be affected by this Action. If you are a Class member, you do not need to do anything at this time. If you do not meet the Class definition, this Notice does not apply to you. If you are uncertain as to whether you are a member of the Class, contact A.B. Data, Ltd., Class Counsel listed in paragraph 14 below, or consult your own attorney.

This Notice is not an admission by Defendants or an expression of any opinion of the Court concerning the merits of the Action, or a finding by the Court that the claims asserted in the Action by Thomas P. DiNapoli, Comptroller of the State of New York, as Administrative Head of the New York State and Local Retirement Systems and sole Trustee of the New York State Common Retirement Fund ("NYSCRF"), and by the Ohio Public Employees Retirement System ("OPERS") (collectively, "Lead Plaintiffs") are valid. Defendants have denied Lead Plaintiffs' claims and maintain that they are not liable for the injuries alleged by Lead Plaintiffs. The Class definition may be subject to change by the Court pursuant to Federal Rule of Civil Procedure 23.

I. THE CLASS
1. The Court has entered an order certifying the Action as a class action on behalf of a Class of: All persons and entities who purchased or otherwise acquired BP's ADSs between April 26, 2010 and May 28, 2010 (the "Class Period") and were injured thereby. Excluded from the Class are Defendants, directors and officers of BP, their families and affiliates, as well as the retirement accounts of Defendants and BP's directors and officers.

2. The Class includes only purchasers or those who acquired BP ADSs during the Class Period. BP's ADSs are listed and traded on the New York Stock Exchange under the symbol "BP." The Class does not include purchasers of BP Ordinary Shares, which primarily traded on the London Stock Exchange. If you purchased only BP Ordinary Shares, you are not a member of the Class.

3. The Court declined to certify a separate class of investors who purchased BP ADSs in the period from November 8, 2007 through April 20, 2010 (the "pre-spill class"), and the United States Court of Appeals for the Fifth Circuit affirmed that decision. The lead plaintiffs for the pre-spill class may seek a writ of certiorari from the United States Supreme Court to review the decision declining to certify the pre-spill class. Purchases of BP ADSs before April 26, 2010 are not included in the Class, even if you still held those shares during the Class Period. You are a member of the Class only if you purchased or otherwise acquired BP ADSs between April 26, 2010 and May 28, 2010 and were injured thereby.

II. DESCRIPTION AND STATUS OF THIS ACTION
4. NYSCRF and OPERS are the Court-appointed class representatives. Defendant BP is a UK Corporation. Defendant Anthony Hayward was the Chief Executive Officer of BP during the Class Period. Defendant Douglas Suttles was the Chief Operating Officer for BP's Exploration and Production business during the Class Period.

5. Lead Plaintiffs' Third Amended Complaint alleges that Defendants intentionally, or in reckless disregard of the truth, made materially false or misleading statements to investors concerning the severity of the oil spill in the Gulf of Mexico following the explosion and subsequent sinking of the Deepwater Horizon drilling rig on April 20, 2010. Lead Plaintiffs allege that Defendants publicly offered spill rate estimates of 1,000 to 5,000 barrels per day, despite BP's having internally modeled the potential spill at rates as high as 96,000 barrels per day. Lead Plaintiffs allege that these misrepresentations denied investors the opportunity to fairly assess the financial and reputational impact of the oil spill on BP, thereby causing Lead Plaintiffs and members of the Class to purchase BP ADSs at artificially inflated prices. The specific misrepresentations alleged that are the basis for Lead Plaintiffs' claims – the first of which took place on April 24, 2010 – are detailed in Lead Plaintiffs' Third Amended Complaint. You can obtain a copy of the complaint at www.bpsecuritieslitigation.com.

6. Defendants have denied and continue to deny any wrongdoing in this Action and believe that Lead Plaintiffs' claims are without merit. Among other things, Defendants contend that the statements detailed in the Third Amended Complaint were not materially false or misleading, but rather reflected a good-faith estimate of the flow rate at the time. Defendants also contend that they did not make the statements with the requisite intent to deceive investors. Defendants further dispute the extent to which Class Members suffered recoverable losses.

7. The Court has not yet ruled on the merits of Lead Plaintiffs' claims or Defendants' defenses. Following the Court's ruling on Defendants' motions to dismiss, after discovery, briefing and argument, the Court granted Lead Plaintiffs' Motion for Class Certification on May 20, 2014, determined that this Action may be maintained as a class action and appointed NYSCRF and OPERS as representatives of the Class. Thereafter, BP appealed the class certification decision to the United States Court of Appeals for the Fifth Circuit, arguing that the District Court's decision was made in error. On September 8, 2015, the Fifth Circuit affirmed the decision of the District Court, finding that this Action can be properly maintained as a class action. 

8. No judgment has been entered or settlement reached at this time. The parties have briefed cross-motions for summary judgment and are preparing for trial. If a settlement of the lawsuit is reached, it will be subject to approval by the Court. Class members will be sent additional notice of any such proposed settlement as may be approved by the Court, and members of the Class who have not previously excluded themselves will have an opportunity to object to the terms of the proposed settlement, and may be required to submit a claim form to demonstrate their entitlement to any payment. Similarly, the Court may also direct further notice to the Class following any judgment that may be entered after the trial of this case, or for any other reason that the Court may determine.

III. YOUR RIGHTS AS A CLASS MEMBER
9. If you purchased and/or otherwise acquired BP ADSs during the Class Period, you may be a member of the Class. If you choose to remain a member of the Class, you do not need to do anything at this time. You will automatically be included in the Class unless you request exclusion in accordance with the procedure set forth in paragraphs 12 and 13, below. Your decision is important for the following reasons:

a. As a member of the Class, you will be bound by all orders and judgments in this Action, whether favorable or unfavorable. If any money is awarded to the Class, either through a settlement with Defendants or a judgment of the Court, you may be eligible to receive a share of that award. If Defendants prevail, you may not pursue a lawsuit on your own behalf with regard to any of the issues decided in this Action. Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court's discretion as to whether a second opportunity to request exclusion from the Class will be allowed if there is a settlement or judgment in this Action. Your interests are being represented by the representatives of the Class and Class Counsel. You will not be personally responsible for attorneys' fees or costs unless you hire your own individual attorney. Class Counsel has agreed to represent the Class on a contingent fee basis, which means that it will be awarded fees and costs only if it succeeds in obtaining a recovery from one or more Defendants. Attorneys' fees will be awarded by this Court from the settlement or judgment, if any, obtained on behalf of the Class. You may exclude yourself from the Class by following the procedures set forth in paragraphs 12 and 13 below. You may remain a member of the Class and elect to be represented by counsel of your own choosing.

b. If you retain separate counsel, you will be responsible for that counsel's fees and expenses, and such counsel must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Class Counsel at the addresses set forth below on or before February 8, 2016.

c. If you choose to be excluded from the Class, you will not be bound by any judgment in this Action, nor will you be eligible to share in any recovery that might be obtained in this Action. However, you may individually pursue any legal rights that you may have against any of the Defendants with respect to the claims asserted in the Action. Please refer to paragraphs 12 and 13 below if you would like to exclude yourself from the Class.

10. Class Members may be eligible to recover damages if a recovery is obtained in this Action, though this Notice is not intended to suggest that Lead Plaintiffs or Class Members will recover any such damages.

11. If there is a recovery, you will be required to prove your membership in the Class with documentation of any Class Period purchases, acquisitions and/or sales of BP ADSs and the resulting damages. Please be sure to keep all records of your transactions in BP ADSs.

IV. HOW TO BE EXCLUDED FROM THE CLASS
12. If you purchased ADSs during the Class Period, you will automatically be considered a member of the Class unless you request exclusion. You need not do anything to remain a member of the Class. However, any member of the Class may request to exclude themselves from the Class. To exclude yourself from the Class, you must send a signed letter by mail expressly stating that you "request exclusion from the Class in In re BP plc Securities Litigation, No. 4:10-md-02185." Your request must include: (i) your name, address and telephone number, (ii) the number of BP ADSs purchased, otherwise acquired and/or sold during the Class Period, as well as the dates and prices of each such purchase, acquisition and/or sale during the Class Period; and (iii) the signature of the person or entity requesting exclusion, or an authorized representative. Your request for exclusion will not be effective unless it contains all of this information and is sent within the time limit set forth in Paragraph 13.

13. You must then mail your exclusion request, postmarked no later than February 8, 2016, to:

BP ADS Securities Litigation
Notice Administrator
c/o A.B. Data, Ltd.
PO Box 170500
Milwaukee, WI  53217
866-778-9624

Please note that you cannot exclude yourself from the Class by telephone or email. If your request for exclusion is timely mailed and follows the above requirements, then you will not be bound by any judgment in this Action, and you may pursue any individual legal rights you may have against any of the Defendants. However, if you validly request exclusion, then you will not be eligible to share in any recovery in this Action, should any recovery be obtained. Do not request exclusion if you wish to participate in this Action as a Class Member.

V. CLASS COUNSEL
14. As a Class Member, you will be represented by Class Counsel:

15. Although the Court has appointed attorneys to represent the Class as described above, you have the right to retain your own personal counsel at your own expense. However, you are not required to retain separate counsel. If you do not retain separate counsel and remain a member of the Class, your interests will be represented by Class Counsel and by the representatives of the Class.

VI. PLEASE KEEP YOUR ADDRESS CURRENT
16. To assist the Court and the parties in maintaining an accurate list of Class Members, please update your name and contact information in the event of any changes. You may update this information online at www.bpsecuritieslitigation.com or by mailing this information to: BP ADS Securities Litigation, Notice Administrator, c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217. You may call the Notice Administrator at 866-778-9624.

17. If this Notice was forwarded to you by the postal service, or if it was otherwise sent to you at an address that is no longer current, you should immediately contact the Notice Administrator and provide them with your correct address. If the Notice Administrator does not have your correct address, you may not receive notice of important developments in this Action, or information about any settlements obtained for the benefit of the Class.

VII. WHERE YOU CAN FIND ADDITIONAL INFORMATION
18. This Notice provides only a summary of the lawsuit and the claims asserted by Lead Plaintiffs. You may review a copy of the Third Amended Complaint, the Court's Orders on the Motion to Dismiss, and other documents in the case by visiting the following website: www.bpsecuritieslitigation.com.

PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK FOR INFORMATION OR ADVICE REGARDING THIS NOTICE.

19. All brokerage firms, banks, and/or other persons or entities who purchased or otherwise acquired BP ADSs during the Class Period as a nominee for a beneficial owner are requested to send this Notice to all such beneficial owners no later than [10 business] days after receipt of this Notice. In the alternative, all nominees are requested to send an unduplicated list of names and addresses of said beneficial owners to the Notice Administrator at:

BP ADS Securities Litigation
Attn: Fulfillment Department
c/o A.B. Data, Ltd.
3410 West Hopkins Street
PO Box 170500
Milwaukee, WI  53217
866-561-6065
[email protected]

The Notice Administrator will thereafter mail copies of this Notice directly to all such beneficial owners. Counsel for the Class will prepay the reasonable cost of preparing an unduplicated list of names and addresses of such beneficial owners or of forwarding this Notice to beneficial owners in those cases where a nominee elects to forward this Notice rather than provide a list of names and addresses to Lead Plaintiffs' Counsel.

QUESTIONS?  VISIT WWW.BPSECURITIESLITIGATION.COM OR CALL TOLL-FREE 1-866-778-9624.

SOURCE Cohen Milstein Sellers & Toll PLLC, Berman DeValerio, Block & Leviton LLP

Related Links

http://www.bpsecuritieslitigation.com