Oakland, May 25, 2017 – Gibbs Law Group LLP is investigating potential claims on behalf of purchasers of Petrofac Ltd. involving possible securities law violations related to a bribery, corruption and money laundering investigation by the UK Serious Fraud Office.
Petrofac Stock Losses?
If you purchased or otherwise acquired Petrofac shares before May 25, 2017 and would like to speak privately with a securities attorney to contribute to or learn more about the investigation, fill out the form to the right or contact the securities team directly at (800) 254-9493.
Investigation into Bribery, Corruption and Money Laundering
On May 12, 2017, the U.K.’s Serious Fraud Office announced that it has launched an investigation into Petrofac’s activities, on suspicion of “bribery, corruption and money laundering.” Following this news, Petrofac’s stock dropped significantly to its lowest level since June 2016.
Then, on May 25, 2017, Petrofac announced the UK Serious Fraud Office had arrested and questioned the company’s CEO and COO. Both were released without charge. In addition, the Company’s board suspended the COO and precluded the CEO from involvement in any matters connected to the SFO investigation.
On this news, the price of Petrofac securities fell by nearly 30%.
About Gibbs Law Group LLP
Gibbs Law Group LLP is one of the nation’s leading firms representing individual and institutional investors in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and has earned Tier-1 rankings and been named in the U.S. Lawyers – Best Law Firms list for five consecutive years.