Royal Dutch Shell Group .com






PHILADELPHIA—Feb. 10, 2004


The law firm of Spector, Roseman & Kodroff, P.C. announces that it has filed a securities class action lawsuit in the United States District Court for the District of New Jersey, on behalf of purchasers of the American Depository Receipts ("ADRs") of Royal Dutch Petroleum Company ("Royal Dutch") (NYSE: RD) and/or The Shell Transport and Trading Company, PLC ("Shell Transport") (NYSE: SC; collectively "Royal Dutch/Shell") between December 3, 1999 through January 9, 2004, inclusive (the "Class Period").


The Complaint alleges that defendants Royal Dutch, Shell Transport, Shell Petroleum N.V., the Shell Petroleum Limited, Maarten van der Bergh, Judy Boynton, Malcolm Brinded, S.L. Miller, Harry J.M. Roels, Paul D. Skinner, M. Moody-Stuart, Jeroen van der Veer, and Philip R. Watts issued statements during the Class Period which were materially false and misleading in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that Royal Dutch/Shell had overstated its proved oil and gas reserve figures by 20%; (2) that Royal Dutch/Shell accomplished the overstatement by including in its proved oil and gas reserves figures, when its venture partners did not, estimates from the Gorgon Joint Venture in Australia and the Nigerian Projects in Africa when such projects did not meet industry and SEC standards for proved reverses; (3) that the inclusion of Gorgon Joint Venture in Australia and the Nigerian Projects in Africa and other projects was accomplished through the booking of its proved oil and gas reversed figures on the basis of initial letters of intent rather than on the basis of when such projects had been contracted; and (4) as a result, Royal Dutch/Shell's true market value was materially overstated at all relevant times.


On January 9, 2004, Royal Dutch/Shell announced that, following internal reviews, some proved hydrocarbon reserves would be recategorized. The total non-recurring recategorization, relative to the proved reserves as stated at December 31, 2002, represented 3.9 billion barrels of oil equivalent ("boe") of proved reserves, or 20% of proved reserves at that date. Over 90% of the total change is a reduction in the proved undeveloped category, the balance is a reduction in the proved developed category. Additionally, the Company stated that of the recategorization, two thirds (2.7 billion barrels) relates to crude oil and natural gas liquids, and one third (1.2 billion boe or 7.2 trillion standard cubic feet) to natural gas. Moreover, Royal Dutch/Shell indicated that the FAS69 standardized measure of discounted future cash flows associated with the proved reserves would be impacted.


Upon disclosure of this information, shares of Shell Transport fell 6.9%, or $3.12 per share, on heavy volume to close at $41.69 per share on January 9, 2004. Additionally, shares of Royal Dutch fell 7.8%, or $4.15 per share, on heavy volume to close at $48.61 per share on January 9, 2004.


If you purchased Royal Dutch/Shell ADRs during the Class Period, you may, no later than March 26, 2004, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.


If you have sustained substantial losses in Royal Dutch/Shell ADRs during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.


If you wish to join this action, please visit  If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at

For more detailed information about the firm please visit its website at


Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.




CONTACT: Robert M. Roseman - (888) 844-5862


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