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Litigation funder Bentham proposes shareholder action against Petrofac
May 30, 2017 / 7:51 AM / 4 months ago

Litigation funder Bentham proposes shareholder action against Petrofac

LONDON, May 30 (Reuters) - Litigation funder Bentham Ventures said on Tuesday it was proposing to launch a shareholder action against British energy services company Petrofac to recover losses linked to an investigation by Britain’s Serious Fraud Office.

Bentham said it was contemplating funding legal proceedings against Petrofac on behalf of investors who held shares before May 12, the day the SFO launched an investigation into Petrofac related to a probe into Monaco-based Unaoil.

It said the legal proceedings would likely focus on factors such as whether Petrofac “failed to disclose material information regarding its business, its performance and prospects”.

Petrofac shares fell after the May 12 SFO announcement, and took a second hit on May 25 when Petrofac said it had suspended its chief operating officer in connection with the investigation.

“Petrofac shares fell 30 percent to close at 389 pence on 26 May 2017 which, together with an earlier fall following the 12 May statement, has led to an aggregate fall in share price in excess of 50 percent leaving shareholders with significant losses,” Bentham said in a statement.

Petrofac declined to comment. (Reporting by Simon Jessop and Lawrence White; editing by Jason Neely)

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