Investors take Saipem to court

Investors have taken legal action against Saipem, an Italy-based oilfield services provider to the international offshore oil and gas industry.

According to the company, Saipem has received a notice of legal proceedings before the Court of Milan by 64 investors claiming compensation for damages of approximately EUR 174 million allegedly incurred following the purchase of Saipem shares in the period between 13 February 2012 and 14 June 2013.

In the Annual Report for 2014, issued on 9 April 2015, Saipem S.p.A. stated that “in relation to the alleged delays in the issue of its profit warnings to the market, a number of shareholders and former shareholders have threatened to take legal action against the Company to obtain compensation. The Company has examined the claims received but is of the opinion that they are groundless”.

In a statement issued today, Saipem has said it confirms its opinion, and will challenge the claim in court.

 

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