Alcoa Inc. (NYSE:AA) Investor Files Lawsuit in Connection With Bahrain Bribe Allegations
A lawsuit was filed by a current investor in Alcoa Inc. (NYSE:AA) against certain directors of Alcoa Inc. (NYSE:AA and other current long-term NYSE:AA investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 06/25/2012 --An investor in Alcoa Inc. (NYSE:AA) shares filed a lawsuit against member of the board of directors of Alcoa Inc. in connection with allegations of bribes in Bahrain.
Investors who are current long-term stockholders in shares of Alcoa Inc. (NYSE:AA), including but not limited to those who purchased their NYSE:AA as early as 2008 or earlier, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
Alcoa Inc. said in a filing with the SEC that in February 2008 it received notice that Aluminium Bahrain B.S.C. had filed suit against Alcoa Inc. and Alcoa World Alumina LLC. Among other things, the complaint alleged that Alcoa Inc. and Alcoa World Alumina LLC and its employees or agents allegedly illegally bribed officials of the government of Bahrain and (or) officers of Alba in order to force Alba to purchase alumina at excessively high prices, allegedly illegally bribed officials of the government of Bahrain and (or) officers of Alba and issued threats in order to pressure Alba to enter into an agreement by which Alcoa would purchase an equity interest in Alba, and allegedly assigned portions of existing supply contracts between Alcoa and Alba for the sole purpose of facilitating alleged bribes and unlawful commissions.
The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) had already begun an internal investigation.
According to the complaint filed by the investor the plaintiff alleges that Alcoa’s board of directors refused to take action over those allegations, damaged the company and hurt stockholders.
While Alcoa’s annual Revenue rose from 2009 to 2010 its annual Revenue fell from $29.28billion in 2007 to $21.01billion in 2010 and while its Net Loss of $1.15billion in ’09 turned into a Net Income of $254million in 2010, its Net Income in 2007 of $2.56billion was more than ten time the Net Income in 2010.
Furthermore, while shares of Alcoa Inc. (NYSE:AA) rose from $5.22 in March 2009 to almost $18 in April 2011, NYSE:AA shares dropped in the end of 2011 to $8.65 and traded in 2008 as high as $43.15 per share.
On June 22, 2012, NYSE:AA shares closed at $8.62per share, almost half its current 52weekHigh.
Those who are current long-term stockholders in shares of Alcoa Inc. (NYSE:AA), including but not limited to those who purchased their NYSE:AA as early as 2008 or earlier, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/150012