An investigation on behalf of current investors in Parker Drilling Company (NYSE:PKD) securities over possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Parker Drilling Company was announced.

Parker Drilling Company, located in Houston, Texas, is a provider of contract drilling and drilling-related services. Parker Drilling Company reported in 2007 Total Revenue of $654.57million, in 2008 $829.84million, and in 2009 $752.91million. According to the investigation by a law firm the investigation on behalf of current Parker Drilling Company (Public, NYSE:PKD) concerns whether the Company's directors and officers breached their fiduciary duties concerning the Company's practices in Nigeria and Kazakhstan and whether certain of Parker's officers and directors caused or allowed Parker to violate the Foreign Corrupt Practices Act ('FCPA').

On March 3, 2010, Parker Drilling Company announced in its Annual Report that the U.S. Department of Justice's and the U.S. Securities and Exchange Commission (SEC)'s investigations into Parker Drilling Company 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 Company potentially made illegal payments to a government official in Kazakhstan. Parker Drilling Company acknowledged, so the investigation, 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. Shares of Parker Drilling Company (PKD) traded recently at $4.46 per share, down from its 52weekHigh of $6.54 per share, $10.02 in 2008, and $11.87 per share in 2007.