PRLog - Jan. 17, 2012 - SAN DIEGO -- An investigation on behalf of investors in NASDAQ: TISI shares over possible breaches of fiduciary duties by certain directors and officers at Team, Inc. was announced.
If you are a current long term stockholder of Team, Inc. shares (NASDAQ: TISI), and / or if you have any information relating the investigation including those who are former employees or/and whistleblowers, you have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible shareholder claims based on potential breaches of fiduciary duties. Specifically the investigation concerns whether certain directors and officers at Team, Inc. breached their fiduciary duties in connection with certain statements regarding Team’ business, its prospects and its operations were materially false and misleading at the time they were made.
Team, Inc. reported that its 12months Revenue rose from $478.48million for a 12months period ending on May 31, 2008 to $508.02million for a 12months period ending on May 31, 2011. Its Net Income rose for the same time periods from $23.62million to $26.59million.
TEAM, INC said that during an internal management review of its TMS branch operations in Trinidad in the spring of 2009, employees informed TEAM, INC of allegations of improper payments made by local employees of its wholly-owned Trinidad subsidiary to employees of certain customers, including foreign government owned enterprises. Those actions could violate 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, so the investigation. In June 2009, the Audit Committee of our Board of Directors (TEAM, INC commenced an internal investigation of its Trinidad operations, focusing on the legality, under the U.S. Foreign Corrupt Practices Act (“FCPA”) and other laws. In May 2010, TEAM, INC voluntarily disclosed information relating to the initial allegations and the findings of the independent investigation to the U.S. Department of Justice (“DOJ”) and to the Securities and Exchange Commission (the “SEC”). Later that month TEAM, INC met with representatives of the SEC and the DOJ. Since the commencement of the investigation in 2009, TEAM, INC have expended an aggregate of approximately $3.2 million on legal and other professional services related to this investigation.
Shares of Team, Inc. (NASDAQ: TISI) rose from as low as $10.32 per share in March 09 to over $28 per share in February 2011.
However NASDAQ: TISI shares traded in 2008 as high as over $38 per share.
Those who are current long term investors in Team, Inc. (NASDAQ: TISI) shares, and / or those who have any information relating the investigation including those who are former employees or/and whistleblowers, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. 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.