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Parker Drilling Company investors File Lawsuit Over Alleged Bribes

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Lawsuit Overview

Case Dismissed
Company
Parker Drilling Company
Security
NYSE: PKD

Case Name
Parker Drilling Company Derivative Action 06/22/2010
Type of Lawsuit
Stockholder Derivative Action
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Summary

March 12, 2013 - Case dismissed in the Fifth Circuit.
June 22, 2010 - Investors in Parker Drilling Co. filed at least two lawsuits on behalf of current shareholder in Parker Drilling Company (NYSE:PKD) alleging breaches of fiduciary duty by certain officers and directors of Parker Drilling in connection with alleges violations of the Foreign Corrupt Practices Act (FCPA).

Parker Drilling Company, located in Houston, Texas, is a provider of contract drilling and drilling-related services. On March 3, 2010, Parker Drilling Company announced in its Annual Report that the U.S. Department of Justice’s (DOJ) and the U.S. Securities and Exchange Commission’s (SEC) investigations into Parker Drilling had identified issues relating to potential non-compliance with applicable laws and regulations, including the FCPA, with respect to operations in Kazakhstan and Nigeria. The investigations uncovered that Parker Drilling potentially made illegal payments to a government official in Kazakhstan. Parker Drilling Company said that the situation unfolding in Kazakhstan could negatively impact some of its business operations in that country and have a material adverse impact on the entire Company, including its results of operations, financial condition, and liquidity. “

But the plaintiffs claims that “the company has [already] incurred more than $20 million in costs and expenses related to the ongoing investigations and alleges breach of fiduciary duty, abuse of control, gross mismanagement and wasting corporate assets by the defendants. The plaintiff said defendants did not provide Parker shareholders with additional information about these investigations, but rather made boilerplate disclosures concerning the DOJ and SEC inquiries. The plaintiff concludes that the defendants breached their fiduciary duty by conducting Parker's business in countries with higher than normal risk of corruption, such as Kazakhstan and Nigeria, without implementing internal controls in compliance with the FCPA . Shares of Parker Drilling Company (PKD) are down from its 52weekHigh of $6.54 per share, $10.02 in 2008, and $11.87 per share in 2007, and traded recently at $4.22 per share.