May 25, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
January 5, 2011 - The court preliminarily approved the settlement.

January 3, 2011 - Parties filed a stipulation of settlement.

January 12, 2009 - The court denied the defendants' motions to dismiss.

September 25, 2008 - The defendants filed motions to dismiss.

July 21, 2008 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Superior Offshore International (NASDAQ: DEEP) common shares between April 20, 2007 and April 25, 2008. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between April 20, 2007 and April 25, 2008.

May 22, 2008 - An additional case was consolidated.

May 20, 2008 - The lead plaintiff and lead counsel were appointed.

May 13, 2008 - An additional case was consolidated.

April 28, 2008 - Lead plaintiff motions were filed.

April 21, 2008 - The case was transferred to the U.S. District Court for the Southern District of Texas.

April 9, 2008 - All cases were consolidated.

March 31, 2008 - An additional investor filed a complaint.

March 25, 2008 - An additional investor filed a complaint.

March 6, 2008 - An additional investor filed a complaint.

February 29, 2008 - Another investor filed a complaint.

February 28, 2008 - An investor in shares of Superior Offshore International (NASDAQ: DEEP) filed a lawsuit in the U.S. District Court for the Eastern District of Louisiana against Superior Offshore International over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 20, 2007 and January 9, 2008.

The complaint charges Superior Offshore International, certain of its officers and directors, and the Company’s underwriters — collectively, “defendants” — with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933.

Specifically, the complaint alleges that on April 20, 2007, Superior Offshore International and company insiders sold over 10 million shares of common stock to the public, raising gross proceeds in excess of $152 million. However, unbeknownst to investors at the time of the IPO, Superior Offshore International’s core business was not performing according to plan, its core market in the Gulf of Mexico was declining, and defendants would be forced to immediately transform and reorganize Superior Offshore International, and enter into new, untested markets such as Deep Water and International Operations. Moreover, at the time of the IPO, Superior Offshore International was not operating according to plan, such that Superior Offshore International’s sales already had been, and foreseeably would continue to be, adversely affected.

Beginning on August 14, 2007, after defendants and other company insiders liquidated over $49 million of their personally held shares, Superior Offshore International revealed the truth about the company, including that the problems existing at the time of the IPO would result in extremely disappointing results for the foreseeable near-term, and would force defendants to reorganize and transform the company. Later, on November 14, 2007, shares again declined after defendants belatedly revealed that Superior Offshore International was operating even below its recently revised forecasts, and that its core business was operating even worse than previously disclosed. On January 9, 2008, Superior Offshore International announced that it was suspending its prior substantially downward revised guidance.

Following these belated disclosures, shares of Superior Offshore International fell from their offering price of $15 per share to approximately $3.50 per share as a direct result of defendants’ belated disclosures.