PRLog - March 7, 2011 - SAN DIEGO -- After Watts Water Technologies, Inc. disclosed that it expects to pay a $5.3 Million settlement in connection with Foreign Bribery allegations by U.S. regulators an investigation on behalf of current long term investors in Watts Water Technologies, Inc. (NYSE:WTS) was announced concerning whether certain officer and directors are liable for any wrongdoing and can be held responsible.
If you are a current long term investor in Watts Water Technologies, Inc. (NYSE:WTS), and/or if you have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Watts Water Technologies, Inc. (Public, NYSE:WTS) concerns whether certain officer and directors at Watts Water Technologies, Inc. can be held liable if Watts Water Technologies pays $5.3million to settle Foreign Bribery charges over possible 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.
According to the Justice Department “the Foreign Corrupt Practices Act was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay…to a foreign official to influence the foreign official in his or her official capacity … to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.”
Watts Water Technologies’
In July 2009 Watts Water Technologies disclosed that it received information that employees of in Watts Valve (Changsha) Co., Ltd., at that time an indirect wholly-owned subsidiary of Watts Water Technologies in China and sold in January 2010, made payments to employees of state-owned agencies. Watts Water Technologies said such payments may violate the Foreign Corrupt Practices Act. Watts Water Technologies said it is conducting an investigation utilizing outside counsel and disclosed this matter to the United States Department of Justice and the U.S. Securities and Exchange Commission. Even though Watts Water Technologies said it can not predict the outcome of this matter it recently said in a regulatory filing that Watts Water Technologies used $2.4 million of net cash from operating activities of discontinued operations in the first nine months of 2010 primarily due to payments to outside counsel in connection with the FCPA investigation. In its recent annual filing Watts Water Technologies said on March 1, 2010 that it is in negations with the SEC and DOJ to settle potential FCPA violations and it expects a probable pre-tax charge in connection with these matters of approximately $5.3 million.
Shares of Watts Water Technologies, Inc. (NYSE: WTS) traded during 2006 as low as $28.58 but increased to $44.54 in February 07. During 09 WTS shares decreased to as low as $16.67 per share but increased until over $40 per share in February 2011. WTS shares fell on March 2 to as low as under $37 but closed Fridays trading at $39.35 per share.
Those who are current long term investors in Watts Water Technologies, Inc. (Public, NYSE:WTS), and/or those who have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email firstname.lastname@example.org or call +1(858) 779 - 1554.
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The Shareholders Foundation, Inc. is a professional portfolio legal monitoring service and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.