Case Spotlight: Saipem SpA

By Andrew Laskey,  Legal Product Specialist, Financial Recovery Technologies

CompanySaipem SpA
JurisdictionItaly
ExchangeMIL (Milan Stock Exchange)
IndustryEnergy
ClaimsBreach of disclosure obligations, and misleading and deceptive conduct
Relevant PeriodJanuary 2, 2007 - December 31, 2013 (inclusive)
Participation DeadlineAs soon as possible

CASE BACKGROUND

Actions are being brought against Saipem SpA, an Italian oil and gas industry company controlled by Italy’s largest energy firm Eni SpA, for allegedly paying bribes from 2007-2010, in order to secure a series of contracts worth approximately €11 billion using Hong Kong-based company Pearl Partners Limited, which was specifically established to funnel bribes to obtain high profit margin contracts.

Saipem shareholders may be eligible to participate if they acquired shares from January 2, 2007, when the alleged corruption began, through December 31, 2013, after various disclosures had been released by Saipem indicating the effects of the corruption.

DETERMINING ELIGIBILITY & COSTS

DRRT is currently soliciting a final round of shareholder interest.

With the statute of limitations for Saipem set to expire in December of this year, DDRT plans to file their complaint on behalf of investors who were involved in pre-suit mediation. They have also indicated that they will be sending additional demand letters to Saipem prior to December to include those who did not participate in pre-filing mediation in hopes of tolling the statute of limitations.

There will be no out-of-pocket cost risk if you participate, and all costs will be borne by the litigation funders, and will only be recouped in the event of a successful outcome

If you participate in the recovery efforts, your identity will be disclosed to Saipem and other participating entities. In general, litigation proceedings in Italy are not public. Except for court decisions, pleadings are confidential with access limited to the parties.

NEXT STEPS

If you wish to participate, DRRT has requested all client data be forward ASAP. FRT will continue to monitor this matter and alert you to progress, including registration and claims submission dates.

LEARN MORE

FRT has issued the following alerts to FRT Global clients: Full Eligible Alert (July 03, 2014), and Full Eligible Update Alert (September 13, 2017). For more information on this case or FRT Global service, please contact us at info@frtservices.com.

About FRT

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

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