BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Petrofac Ltd. (“Petrofac” or the “Company”) (OTC: POFCY) investors concerning the Company and its officers’ possible violations of federal securities laws.
On May 25, 2017, Petrofac suspended its chief operating officer Marwan Chedid after a U.K. prosecutor said the Company hasn’t cooperated with a 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. The Company also disclosed that Petrofac CEO Ayman Asfari and COO Marwan Chedid were arrested, questioned and released without being charged in connection with alleged bribes paid to secure lucrative contracts.
On this news, shares of Petrofac fell sharply, over 30%, during intraday trading on May 25, 2017.
If you purchased Petrofac securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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