mail@shareholdersfoundation.com
An investigation on behalf of investors in DynCorp International Inc. (Public, NYSE:DCP) over potential violations of Federal Securities Laws by DynCorp International Inc and others was announced.
If you are an investor in shares of DynCorp International Inc. (NYSE:DCP) or have any facts relating to the investigation, you should contact the Shareholders Foundation, Inc at:
Email: mail@shareholdersfoundation.com or at: +1 (858) 779 – 1554
In Afghanistan DynCorp recently won a major Defense Department contract worth billions of dollars to build bases and supply U.S. forces. The investigation by a law firm concerns the following circumstances. DynCorp’s Senior Vice President, Chief Compliance Officer and Executive Counsel of DynCorp International LLC, DynCorp International Inc.’s wholly-owned subsidiary, a key official in charge of compliance issues at a DynCorp International Inc., was terminated “without cause” just days after the defense contractor revealed that it may have violated the Foreign Corrupt Practices Act while fulfilling U.S. government contracts by making payments to “speed up getting licenses and visas overseas from foreign government agencies. On November 09, 2009 DynCorp International Inc. reported in its 10Q filing with the U.S. Securities and Exchange Commission, that they “have identified certain payments made to expedite the issuance of a limited number of visas and licenses from foreign government agencies that may raise compliance issues under the U.S. Foreign Corrupt Practices Act. The payments, which we believe totaled approximately $300,000 in the aggregate, were made to sub-contractors in connection with servicing a single existing task order that the Company has with a U.S. government agency. We have retained outside counsel to investigate these payments. We are in the process of evaluating our internal policies and procedures and are committed to improving our compliance procedures. During the past week, we voluntarily brought these matters to the attention of the U.S. Department of Justice and the Securities and Exchange Commission. We cannot predict the ultimate consequences of these matters at this time, nor can we reasonably estimate the potential liability, if any, related to these matters. However, based on the facts currently known, we do not believe that these matters will have a material adverse effect on our business, financial condition, results of operations or cash flow. “
Back in April 2009 the Washington Post reported that “the State Department has ordered DynCorp International to replace the senior managers in charge of a major police training contract in Afghanistan after it launched an investigation into the company's handling of an employee who died of a possible drug overdose, government officials said”. According to the Washington Post ‘The 49-year-old employee, whose name is being withheld by The Washington Post because the investigation is at a preliminary stage, was found dead in his quarters at company housing in Kabul on March 17”. After that DynCorp International appointed the newly created senior executive position of senior vice president, chief compliance officer, and executive counsel in May 2009.
In November 2007 CNN reported that according to U.S. officials the U.S. government is not conducting an official investigation into a shooting in Baghdad involving DynCorp International Inc. hired by the U.S. State Department. U.S. Embassy spokeswoman Mirembe Nantongo reportedly said that "according to DynCorp's report, the private vehicle moved in on the convoy and PSD [private security detail] members used nonlethal means to warn the driver of the vehicle to stop," and "when the driver continued to approach the convoy, a PSD member discharged his weapon to disable the vehicle. There are conflicting accounts as to whether anyone was injured or killed." The shooting came less than two months after the September 16 incident involving a Blackwater security team in which 17 Iraqis were killed.
DynCorp International Inc., located in Falls Church, VA, is a provider of specialized, mission-critical professional and support services outsourced by the United States military, non-military United States governmental agencies and foreign governments. The Company’s expertise is in law enforcement training and support, security services, base and logistics operations, construction management, aviation services and operations, and linguist services. DynCorp International reported on March 28, 2008 for previous 52weeks Total Revenue $2.13976billion with a Net Income of $47.95million and on April 03, 2009 for previous 53weeks $3.10109billion with a Net Income of $69.77million. Shares of DynCorp International (DCP) traded recently at $13.98 per share down from its 52weekHigh of $22.03 per share and $26.63 per share in early 2008.
Those who are investors in shares of DynCorp International Inc. (NYSE:DCP) or have any facts relating to the investigation, should contact the Shareholders Foundation, Inc at:
Email: mail@shareholdersfoundation.com or at: +1 (858) 779 – 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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