NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating potential claims against Petrofac Limited (OTC:POFCY). Our investigation concerns whether Petrofac has violated the federal securities laws and/or engaged in other unlawful business practices.
On May 12, 2017, the U.K.’s Serious Fraud Office (the “SFO”) revealed that it has launched an investigation into Petrofac’s activities for “suspected bribery, corruption and money laundering.” The investigation is connected with an ongoing probe into Unaoil SAM, a Monaco oil contractor. Following this news, Petrofac shares fell $0.75 per share, or over 14%, to close at $4.46 on May 12, 2017.
On May 25, 2017, Petrofac suspended its Chief Operating Officer, Marwan Chedid, after the SFO informed Petrofac that the Company hasn’t cooperated with its bribery probe. The Company has also brought on a “senior external specialist” and set up a new committee to oversee the response to the bribery investigation. Additionally, Petrofac CEO Ayman Asfari and COO Marwan Chedid were arrested, questioned, and released in connection with alleged bribes paid to secure lucrative contracts. Following this news, Petrofac shares fell $1.21 per share, or over 30%, to close at $2.74 on May 25, 2017.
If you purchased or otherwise acquired Petrofac securities and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Petrofac, please go to www.bespc.com/petrofac. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.