Fox Williams, led by securities litigation partners Matthew Reach and Andrew Hill, is preparing to file a group claim against Petrofac on behalf of institutional investors by no later than 11 May 2023.
If you are an institutional investor that would like to join the group claim or you require further information regarding the group claim, please contact Matthew or Andrew.
Petrofac is an oil and gas production services company listed on the London Stock Exchange. On 12 May 2017, the Serious Fraud Office in the UK announced that it was investigating Petrofac’s activities in connection with allegations of bribery, corruption and money laundering. Subsequently, Petrofac shares suffered a substantial fall in value.
On 6 February 2019, a senior employee of a Petrofac subsidiary pleaded guilty in the UK to 11 counts of bribery offences. Petrofac shares suffered a further substantial fall in value.
On 1 October 2021, Petrofac pleaded guilty in the UK to multiple charges concerning the payment of bribes totalling £32 million for contracts worth approximately £2.6 billion. Petrofac’s share price has not recovered from the falls in May 2017 and February 2019.
Defendant: Petrofac Limited
Claim period: 1 October 2011 to 4 October 2021
Limitation date: 11 May 2023
Law: Section 90A Financial Services & Markets Act 2000 (England & Wales)
You can find further information regarding our expertise, experience and team on our Securities Litigation pages. If you require assistance from our team, please contact Matthew Reach or Andrew Hill.