An investigation for current long term investors in NASDAQ:LAYN shares over possible breaches of fiduciary duties by certain officers and directors at Layne Christensen Company 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, Inc by email at mail(at)shareholdersfoundation.com or call +1 (858) 779 – 1554.
According to the investigation by a law firm the investigation focuses on whether Layne Christensen’s directors and officers 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
In December 2010, Layne Christensen Company said in the filing with the U.S. Securities and Exchange Commission (“SEC”) that in connection with Layne Christensen Company updating its Foreign Corrupt Practices Act (“FCPA”) policy, questions were raised internally in late September 2010 about, among other things, the legality of certain payments to customs clearing agents in connection with importing equipment into the Democratic Republic of Congo and other countries in Africa. Further Layne Christensen Company said it has contacted the SEC and the U.S. Department of Justice (“DOJ”) to inform them of this matter.
Then on March 23, 2012, Layne Christensen Company said in a filing with the SEC 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.
Shares of Layne Christensen Company (NASDAQ:LAYN) closed on April 3, 2012 at $22.67 per share, down from its current 52weekhigh of $38.00 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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