Hagens Berman LLP, a nationwide, investor-rights law firm, investigates Hercules Offshore to determine if the company violated securities laws after the announcement of a Securities and Exchange Commission (SEC) investigation of certain of the company’s activities.
Hagens Berman partner Reed R. Kathrein is leading the firm’s investigation from its San Francisco office.
Houston-based Hercules Offshore provides services, including exploration and drilling, to the oil and gas industry, and operates a fleet of offshore lifeboats.
On Thursday, April 7, 2011, the company announced that it had received a subpoena from the SEC, which said it is under investigation by the Department of Justice (DOJ) and the SEC for possible violations of securities laws, specifically the Foreign Corrupt Practices Act.
Additionally, Hercules revealed that it was told by the DOJ that some of the company’s activities are also being investigated.
“Foreign Corrupt Practices Act investigations are serious,” said Kathrein. “The real question here is how much top management knew.”
According to media reports, after Hercules revealed the SEC and DOJ investigations, the stock price for the company fell more than 10 percent in after-hours trading to $5.68.
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Source:Hercules, April 8, 2011; Image: