Shell has understated the financial risks of exploring for oil in the Arctic Ocean and federal regulators should investigate possible misrepresentations to investors, critics of the drilling plan said Tuesday.

Oceana, an environmental organization, and the Abrams Environmental Law Clinic at the University of Chicago Law School on Monday petitioned the Securities and Exchange Commission for an investigation into what the drilling critics call “material misstatements and omissions” in Shell’s financial filings.

Shell’s multibillion-dollar attempt to get to the oil in remote offshore Arctic territory and the associated government permits issued for it “have resulted in controversy, litigation and substantial risk to the ocean environment and the company’s investment,” but not a single completed well, the petition said.

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