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Petrofac faces £400m+ institutional shareholder action over alleged bribery-related misstatements; Innsworth funds, Keystone leads, amid SFO bribery probe and Lufkin guilty pleas

Published on: 12 February 2019

Published by a Law360 reporter
Legal News
Article summary

Innsworth Litigation Funding and a law firm, Keystone Law, are assembling institutional shareholders who bought or held shares in Petrofac starting from October 2010

Innsworth said in a statement that its assessment of potential claims is already well progressed.

  • Claims against Petrofac, registered in the offshore UK dependency of Jersey, are understood to potentially surpass £400m ($516m).
  • Lawyers intend to issue proceedings in April or May, once their investigations have been completed.
  • It is claimed shareholders sustained substantial losses linked to Petrofac’s alleged involvement in bribery, corruption and money laundering, with Petrofac [allegedly] making false and misleading statements...

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