San Diego, CA -- (SBWIRE) -- 03/05/2012 -- The lawsuit for current long term investors in Parker Drilling Co. over alleged breaches of fiduciary duty by certain officers and directors of Parker Drilling in connection with alleges violations of the Foreign Corrupt Practices Act (FCPA) is still pending.
Investors who purchased shares of Parker Drilling Company (NYSE:PKD) and currently hold those NYSE PKD shares, you still have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff allege that directors of Houston Texas based Parker Drilling Company breached their fiduciary duty and that “the company has [already] incurred more than $20 million in costs and expenses related to the ongoing investigations" in connection with possible FCPA violations.
In March 2010, Parker Drilling Company announced in its Annual Report that the U.S. Department of Justice’s (DOJ) and the U.S. Securities and Exchange Commission’s (SEC) investigations into Parker Drilling had "identified issues relating to potential non-compliance with applicable laws and regulations, including the FCPA, with respect to operations in Kazakhstan and Nigeria." The investigations uncovered that Parker Drilling potentially made illegal payments to a government official in Kazakhstan. Parker Drilling Company said that the situation unfolding in Kazakhstan could "negatively" impact some of its business operations in that country and have a "material adverse impact" on the entire Company, including its "results of operations, financial condition, and liquidity. “
The plaintiffs said defendants did not provide Parker shareholders with additional information about these investigations, but rather made "boilerplate disclosures" concerning the DOJ and SEC inquiries. The plaintiff concludes that the defendants breached their fiduciary duty "by conducting Parker's business in countries with higher than normal risk of corruption, such as Kazakhstan and Nigeria, without implementing internal controls in compliance with the FCPA".
Those who purchased shares of Parker Drilling Company (NYSE:PKD) and currently hold those NYSE PKD shares, you still have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego