BP's (NYSE:BP) Institutional Investors Claim They Were Misled

The old story that BP (NYSE:BP) misled investors concerning the safety practices of the company continues on, as investor lawsuits claim the commitment of the company to safety was a lie and the share price of the company was inflated for several years before the explosion on the oil rig which led to the huge Gulf oil spill.

Attorneys for the Ohio and New York state pension funds said, “The truth about BP and its lack of commitment to and implementation of safety processes to avoid preventable incidents began to emerge. Investors were deceived as to BP’s true risk profile in deep sea drilling.”

Lawyers went as far as to say BP retaliated against those workers who reported safety concerns. They added, “BP engaged in continuous and systematic retaliation against employees who reported concerns about the safety and integrity of BP’s operations.”

The lawsuit involving the Ohio and New York pension plans are seeking class status for the case, which would cover American depositary receipts (ADRs) from Jan. 16, 2007 to May 28, 2010.

BP closed Tuesday at $47.05, gaining $0.36, or 0.77 percent.