LONDON May 30 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
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
"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