Just the Facts
Petrofac Ltd. (LSE: PFC), once one of the leading providers of oilfield services to the international oil and gas industries found itself embroiled in a widespread bribery and corruption scandal wherein senior Petrofac Group executives engaged in elaborate schemes with foreign states and politicians in the Middle East with regards to high value contracts in the oil and gas sector.
The scandal first emerged in 2016 via a series of press reports, and ultimately resolved in October 2021, with Petrofac pleading guilty to multiple bribery related charges brought against it by the UK Serious Fraud Office. Petrofac was fined approximately £80 million, but not before its shares plummeted by more than 85% over the course of the investigation, wiping out over £1 billion of Petrofac’s market capitalization.
Several law firms and litigation funders immediately began investigating potential shareholder claims under Section 90A of the UK Financial Services and Markets Act 2000, which provides a statutory avenue for redress for shareholders of public companies listed in the UK.
With the limitations period running May 2023, institutional investors who transacted in Petrofac securities throughout this period should consider opting-in to one of the claims presented below, with special emphasis for those investors seeking to enforce shareholder values via ESG-related litigation, as the corporate governance breaches of Petrofac here were “systemic, serious and grave,” to borrow the words of Judge Deborah Taylor, who imposed the £77 penalty at the Southwark Crown Court in London.
|Option 1||Option 2|
|Relevant Period||1 September 2005 – 31 July 2022||1 October 2011 – 1 October 2021|
|Security||PFC Ordinary Shares||PFC Ordinary Shares|
|Exchange||London Stock Exchange||London Stock Exchange|
|Jurisdiction||England & Wales||England & Wales|
|Litigation Funder||Woodsford Group Limited||Bench Walk Advisors LLC|
|Counsel||Morgan Lewis & Bockius||Fox Williams|
|Registration Deadline||5 May 2023||30 April 2023|