Hercules Offshore, Inc. Investor Investigation over possible Foreign Bribery

PRLog (Press Release) - Apr. 11, 2011 - After Hercules Offshore, Inc. disclosed that it received a subpoena from the U.S. Securities and Exchange Commission in regards to possible Foreign Bribery and potential Foreign Corrupt Practices Act violations an investigation on behalf of current long term investors in Hercules Offshore, Inc. (Public, NASDAQ:HERO) was announced.

If you are a current long term investor in Hercules Offshore, Inc. (NASDAQ:HERO), 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 mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On April 4, 2011, Hercules Offshore, Inc. disclosed that it received a subpoena issued by the SEC in connection with its investigation into possible violations of the securities laws, including possible violations of the Foreign Corrupt Practices Act (“FCPA”)
Hercules Offshore, Inc. also said that it was also notified by the Department of Justice (“DOJ”) on April 5, 2011, that certain of Hercules Offshore’s activities are under review by the DOJ.
Stephen Butz, senior vice president, chief financial officer and treasurer at Hercules Offshore reportedly said that the company has retained outside counsel to assist with the matter and that “we intend to cooperate fully” with the agencies in their investigation.

The investigation by a law firm on behalf of current long term investors in Hercules Offshore, Inc. (Public, NASDAQ:HERO) concerns whether certain officer and directors at Hercules Offshore breached their fiduciary duties and can be held liable for possibly violating 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.”

Hercules Offshore’s 12months Total Revenue decreased from $1,111.81million in 2008 to $743.85million in 2009 and $657.48million in 2010. Its Net Loss increased from $91.73million in 2009 to $134.59million in 2010.

Shares of Hercules Offshore, Inc. fell from as high as $38.31 per share during 2008 to $1.16 per share in March 09.
Recently NASDAQ: HERO shares traded at $5.86 per share.

Those who are current long term investors in Hercules Offshore, Inc. (Public, NASDAQ:HERO), and/or those who have information relating the investigation including former employees and/or whistleblowers, have certain options and should contact the Shareholders Foundation by email mail@shareholdersfoundation.com 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.

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