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Team, Inc. Under Investor Investigation Over Potential Foreign Corrupt Practices Act Violations

  • If you are a current long term investor in Team, Inc. (NASDAQ:TISI), including those who purchased their TISI stocks prior to March 2009 and continue to hold their TISI shares, and/or have information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
TEAM, Inc.
Security
NASDAQ: TISI

Summary

An investigation on behalf of current long term investors in Team, Inc. (NASDAQ:TISI) over potential breaches of fiduciary duty in connection with possible violations of the U.S. Foreign Corrupt Practices Act was announced.

Team, Inc., located in Alvin, Texas, is a provider of specialty maintenance and construction services required in maintaining high temperature and high pressure piping systems and vessels that are utilized in heavy industries. According to the investigation by a law firm the investigation on behalf of current long term investors of Team, Inc. (NASDAQ:TISI) focuses on potential violations of the U.S. Foreign Corrupt Practices Act (FCPA), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business. Team, Inc recently disclosed that has been conducting an internal investigation, and providing information and documents to the United States Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). Team, Inc said it was informed of allegations of improper payments made by local employees of its wholly-owned Trinidad subsidiary to employees of certain customers, including foreign government owned enterprises, and that these improper payments may constitute violations of the U.S. Foreign Corrupt Practices Act or other applicable laws.

The independent investigator delivered a report to Teams Audit Committee in which the total of the improper payments to government-owned enterprises over the past five years were estimated to not exceed $50,000. Team, Inc also announced that as of February 28, 2010, it had expended an aggregate of approximately $2.8 million on legal and other professional services related to the investigation. Team, Inc. was able to increase its Total Revenue over the past three years. Team, Inc. reported in 2007 Total Revenue of $318.35million, in 2008 $478.48million, and in 2009 $497.56million. Team, Inc posted a Net Income of $15.52million in 2007, $23.62million in 2008, and $22.91million in 2009. Shares of Team, Inc. (TISI) traded recently at $14.84 per share, but were down from its 52weekHigh of $21.55 per share, and over $38.60 per share in 2008.

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