Press Release
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Hornbeck Offshore Announces Dismissal of Securities Class Action
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COVINGTON, La., Sept. 12 /PRNewswire-FirstCall/ -- Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that the class action lawsuit previously filed against the Company and certain of its senior executives, relating to disclosures under the securities laws, has been voluntarily dismissed by the lead plaintiffs without any payment by the Company or its insurers. An order granting the dismissal of the case has been entered by the United States District Court for the Eastern District of Louisiana. Todd Hornbeck, the Company's Chairman, President and CEO, commented, "From the outset, we firmly believed that the allegations against the Company and our executive team were without any factual or legal merit. For this reason, the Company decided to offer access to documents and key personnel not otherwise available to the plaintiffs so that they could fully reconsider their allegations. We are pleased that after eight months of conducting their independent investigation, including review of the information that we voluntarily provided them, the plaintiffs concluded that it was in their best interest to dismiss their complaint. Although it is unfortunate that this lawsuit was ever filed, the plaintiffs' decision to 'walk away' before the Company even filed a response or motion for summary judgment, we believe, completely vindicates our position that the Company and its management team did not violate any securities laws." Hornbeck Offshore Services, Inc. is a leading provider of technologically advanced, new generation offshore supply vessels primarily in the U.S. Gulf of Mexico and select international markets, and is a leading transporter of petroleum products through its fleet of ocean-going tugs and tank barges primarily in the northeastern U.S. and in Puerto Rico. Hornbeck Offshore currently owns a fleet of over 80 vessels primarily serving the energy industry. Forward-Looking Statements This press release contains "forward-looking statements," as contemplated by the Private Securities Litigation Reform Act of 1995, in which Hornbeck Offshore discusses factors it believes may affect its performance in the future and its beliefs that the securities class action lawsuit referred to above was without merit and that the dismissal, without prejudice, vindicates the Company's position. Forward-looking statements are all statements other than historical facts, such as statements regarding assumptions, expectations and projections about future events or conditions. The accuracy of the Company's assumptions, beliefs and expectations depend on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks. Although the Company believes that the assumptions, beliefs and expectations reflected in these forward-looking statements are reasonable based on the information known to the Company today, the Company can give no assurance that the assumptions, beliefs and expectations will prove to be correct. The Company cautions readers that it undertakes no obligation to update or publicly release any revisions to the forward-looking statements in this press release hereafter to reflect the occurrence of any events or circumstances or any changes in its assumptions, beliefs and expectations, except to the extent required by applicable law.
Contacts: Todd Hornbeck, CEO |