PRLog - April 11, 2011 - SAN DIEGO -- 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)
If you are a current long term investor in Hercules Offshore, Inc. (NASDAQ:HERO)
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)
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)
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