Bentham Ventures B.V. (Bentham) is contemplating funding legal proceedings against Petrofac Limited (Petrofac or the Company) on behalf of shareholders who acquired shares prior to 26 May 2017 arising out of the circumstances described below. Subject to legal advice, claims may be made pursuant to the Financial Services and Markets Act 2000 and/or in tort.
Petrofac is an international service provider to the oil & gas industry that is traded on the London Stock Exchange under ticker PFC.
The alleged grounds of the proposed litigation are expected to be that Petrofac issued false and misleading statements and/or failed to disclose material information regarding its business, its performance and prospects, and/or otherwise misled shareholders and/or concealed the conduct described below.
On 12 May 2017, the U.K.’s Serious Fraud Office (SFO) announced in a statement (the 12 May Statement) that it had launched an investigation into Petrofac, its subsidiaries and employees under suspicion of bribery, corruption and money laundering (the Investigation). The Investigation relates to a probe into Unaoil SAM, a Monaco-based oil contractor and other agents.
On 25 May 2017, Petrofac announced that it had suspended its Chief Operating Officer, Marwan Chedid, until further notice. This announcement came after the SFO reportedly informed Petrofac that the Company was considered by the SFO to have not cooperated with its Investigation. Following this news, Petrofac shares fell 30% to close at 389p on 26 May 2017 which, together with an earlier fall following the 12 May Statement, has led to an aggregate fall in share price in excess of 50% leaving shareholders with significant losses.
Further information may be obtained by contacting us on +44 (0)20 3750 1300 or at firstname.lastname@example.org.