Investors of Albemarle Stock Encouraged to Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating whether certain directors and officers of Albemarle Corporation (“Albemarle”) (NYSE: ALB) breached their fiduciary duties to Albemarle and its shareholders and whether Albemarle investors suffered damages as a result.
INVESTORS OF ALBEMARLE STOCK ARE ENCOURAGED TO CLICK HERE TO CONTACT KEHOE LAW FIRM, P.C.
Albemarle Corp. to Pay SEC More Than $103 Million to Settle FCPA Violations
On September 29, 2023, the SEC ” . . . announced that Charlotte-based Albemarle Corporation, a global specialty chemicals company, agreed to pay more than $103.6 million to settle the SEC’s charges that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).”
Further, “[a]ccording to the SEC’s Order, despite significant red flags, Albemarle used agents from at least 2009 through 2017 that paid bribes to obtain sales of refinery catalysts to public-sector oil refineries in Vietnam, India, and Indonesia and to private-sector oil refineries in India. In addition, the Order finds that Albemarle violated the FCPA’s recordkeeping requirements and failed to devise and maintain a sufficient system of internal accounting controls to provide reasonable assurances that payments made to agents in Vietnam, Indonesia, India, China, and the United Arab Emirates were for legitimate services.”
According to the SEC, “. . . [i]n a parallel action, the U.S. Department of Justice announced today it has entered into a non-prosecution agreement in which Albemarle agreed to pay a $99 million criminal fine and to a forfeiture of approximately $98 million, of which $81.8 million will be satisfied by the company’s payment of disgorgement pursuant to the SEC Order.”