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Proposed Settlement for Superior Offshore International Securities Class Action

This is a settlement for the Securities/Stock Fraud lawsuit.

Houston, TX: To all persons and entities, including beneficiaries, who purchased or otherwise acquired The publicly-traded common stock of Superior Offshore International Inc ("Superior Offshore") (Trading Symbol NASDAQ:DEEP) Between April 20, 2007, and April 25, 2008, inclusive:

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of Texas, that a hearing will be held on May 10, 2011, for the purpose of determining: (1) whether the proposed Settlement for the sum of $1,900,000 in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether, after the hearing, this Action should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation dated as of January 3, 2011; (3) whether the Plan of Allocation is fair, reasonable, and adequate and should be approved; (4) whether the application of Lead Counsel for the award of attorneys' fees and reimbursement of expenses incurred in this Action should be approved; and (5) whether the application of Lead Plaintiff[1] Charles Ognar for the reimbursement of reasonable time and expenses should be approved.

If you purchased or otherwise acquired (including as a beneficiary) the publicly-traded common stock of Superior Offshore between April 20, 2007, and April 25, 2008, inclusive, your rights may be affected by the Settlement of this Action. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement with all Defendants, Motion for Attorneys' Fees, and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release ("Proof of Claim"), you should obtain copies by writing to In re Superior Offshore International, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 3, Media, PA 19063.

The Notice contains details about this Action and Settlement, including what you must do to exclude yourself from the Settlement, object to the terms of the Settlement, or file a Proof of Claim. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than May 5, 2011, establishing that you are entitled to recovery.

If you desire to be excluded from the Class, you must submit a Request for Exclusion postmarked by April 26, 2011, in the manner and form explained in the detailed Notice referred to above. All Class Members who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation.

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Published on Feb-2-11


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