Two groups petitioned the U.S. Securities and Exchange Commission on Monday for an investigation of Royal Dutch Shell PLC and what the groups call misstatements in regulatory filings regarding the risk of a catastrophic oil spill from Arctic offshore drilling.
The petition was filed Monday by Oceana and the Abrams Environmental Law Clinic at the University of Chicago Law School.
Mike LeVine, an attorney for Oceana, argued that Shell has not disclosed to investors that its response measures to a major or catastrophic spill are unlikely to work…