Courthouse News Service: HOUSTON (CN) - Black Elk Energy's directors mismanaged the company so badly it was cited for 300 safety violations before a Nov. 16 explosion killed three oil rig workers, shareholders claim in court.
Lead plaintiff Thomas G. Andrus sued Black Elk Energy, its CEO John Hoffman and six affiliated companies, in a shareholders derivative complaint Harris County Court.
Andrus claims he bought into the company in 2007 as a "seed investor."
"Each seed investor contributed $1,000 per class A unit," he says.
Due to defendants' mismanagement Black Elk Energy's value has dropped by millions, Andrus says.
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