NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Petrofac Limited (“Petrofac” or the “Company”) (OTC:POFCF; OTC:POFCY).
The investigation focuses on whether the Company and its executives violated federal securities laws. On May 12, 2017, the U.K.’s Serious Fraud Office announced that it had launched an investigation into the Company's activities, on suspicion of “bribery, corruption and money laundering.” The investigation is linked to an ongoing probe of bribes paid by Monaco oil contractor Unaoil SAM for government contracts around the world.
Then, on May 25, 2017, Petrofac announced that it had suspended its chief operating officer, Marwan Chedid, after UK prosecutors accused the Company of refusing to cooperate with the investigation. UK prosecutors announced that Chedid and the Company’s chief executive office, Ayman Asfari, were arrested, questioned, and released without being charged in the ongoing investigation.
On this news, the Company’s stock price has decreased, damaging investors.
If you invested in Petrofac OTC stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/POFCF There is no cost or obligation to you.
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