An investigation for NYSE:TDW investors over potential wrongdoing by certain officers and directors of Tidewater Inc. was announced and current long-term NYSE:TDW stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 10/23/2012 -- An investigation on behalf of investors in shares of Tidewater Inc. (NYSE:TDW) was announced concerning whether certain Tidewater officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who purchased shares of Tidewater Inc. (NYSE:TDW), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Tidewater Inc. officers and directors breached their fiduciary duties and caused damage to the company. and its shareholders by , among other things, failing to implement adequate internal controls. Specifically, the investigation primarily concerns potential violations of the Foreign Corrupt Practices Act (“FCPA”). Recently, Tidewater Inc. disclosed that it would pay $11.4 million to settle a lawsuit with the U.S. Securities Exchange Commission (“SEC”) relating to allegations that Tidewater Inc. paid customs brokers in Nigeria and tax authorities in Azerbaijan. Tidewater Inc. announced a deferred prosecution agreement with the Department of Justice (“DOJ”) wherein a Tidewater subsidiary agreed pay a $7.35 million. The Company has also settled with the Federal Government of Nigeria for $6.3 million. No settlement with Azerbaijan has been announced.
Tidewater Inc. (NYSE:TDW) reported that its Total Revenue fell from over $1.39 billion for the 12 months period that ended on March 31, 2009 to over $1.06 billion for the 12 months period that ended on March 31, 2012, and its Net Income decreased over the respective time periods from $406.90 million to $87.41 million.
Shares of Tidewater Inc. (NYSE:TDW) traded in 2011 as high as $62.42 per share and in early 2012 as high as $62.03 per share. However NYSE:TDW shares declined to $43.99 per share in late June 2012.
On October 22, 2012, NYSE:TDW shares closed at $47.14 per share.
Those who purchased shares of Tidewater Inc. (NYSE:TDW), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com