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August 18, 2015

King & Spalding Wins Dismissal of $1.5 Billion Class Action Against Former ATP Oil & Gas Corp. Officers

AUSTIN, Aug. 18, 2015 — King & Spalding obtained a victory on behalf of former officers of ATP Oil & Gas Corp., persuading a federal court to dismiss claims brought by a putative class that had purchased $1.5 billion in notes from the company. In an Aug. 14 ruling, the U.S. District Court for the Eastern District of Louisiana dismissed with prejudice the claims brought under Section 11 of the Securities Act of 1933.

The case arose after ATP was forced into bankruptcy by the 2010 Deepwater Horizon disaster and by the ensuing moratoria on deep-water drilling and production in the Gulf of Mexico. Noteholder plaintiffs alleged that ATP's former officers had falsely projected a substantial increase in oil and gas production, but the district court found that the challenged projection was protected by the safe-harbor provision of the Private Securities Litigation Reform Act.

The Austin-based King & Spalding team included partners Paul Bessette, who co-chairs the firm's Securities Litigation Group, and Mike Biles, along with associates James P. Sullivan and Tyler Highful.

About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality, and dedication to understanding the business and culture of its clients. More information is available at