An investigation on behalf of investors in NASDAQ:LAYN shares over potential wrongdoing by certain officers and directors of Layne Christensen Company was announced and NASDAQ:LAYN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/24/2012 -- Certain officers and directors at Layne Christensen Company are under investigation in connection with allegations that certain payments by the company to customs clearing agents in connection with importing equipment into the Democratic Republic of Congo potentially might have violated the U.S. Foreign Corrupt Practices Act.
Investors who purchased shares of Layne Christensen Company (NASDAQ:LAYN) shares and currently hold those (or any of those) NASDAQ:LAYN shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
According to the investigation by a law firm the investigation for NASDAQ:LAYN stockholders concerns whether certain Layne Christensen’s directors and officers breached their fiduciary duties and whether they were aware, or should have been aware, of any improper payments to foreign government officials in violation of the U.S. Foreign Corrupt Practices Act, which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business
On March 23, 2012, Layne Christensen Company announced that it "expects to record a non-cash after-tax impairment charge[…]of between $70 and $80 million" in the fourth quarter of its fiscal year ended January 31, 2012. Additionally Layne Christensen said that its internal investigation has found documents and information suggesting that improper payments were made over a considerable period of time, by or on behalf of, certain foreign subsidiaries of Layne Christensen Company to agents and other third parties interacting with government officials in certain countries in Africa relating to the payment of taxes, the importing of equipment and the employment of expatriates.
Then on April 19, 2012, Layne Christensen Company said it accrued a $3.7 million liability based on, among other things, the results of its own internal investigation and an analysis of recent and similar FCPA settlements, of the amount that it may be required to disgorge to the SEC in estimated benefits, plus interest thereon. However, Layne Christensen Company also said that in addition to the ultimate liability from the disgorgement and related interest, it believes that it could be further liable for fines and penalties as part of any settlement and the final settlement could be significantly higher than the liability accrued to date.
Shares of Layne Christensen Company (NASDAQ:LAYN) closed on April 23, 2012 at $20.72 per share, down from its current 52weekhigh of $32.43 per share.
Those who purchased shares of Layne Christensen Company (NASDAQ:LAYN) shares and currently hold those (or any of those) NASDAQ:LAYN shares, have certain options and should contact the Shareholders Foundation.
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