Law Offices of Howard G. Smith announces that it is investigating potential claims against Innospec, Inc. (“Innospec” or the “Company”) (NASDAQ:IOSP) concerning possible breaches of fiduciary duty or other violations of law by the Company’s board of directors. Innospec develops, manufactures, blends and markets fuel additives and other specialty chemicals to oil refineries and other chemical and industrial companies worldwide.
The investigation concerns the Securities and Exchange Commission’s (SEC) March 18, 2010, announcement that Innospec had agreed to a $40.2 million global settlement with the SEC, the U.S. Department of Justice, the U.S. Department of the Treasury’s Office of Foreign Assets Control, and the United Kingdom’s Serious Fraud Office related to allegations that the Company engaged in widespread bribery of foreign government officials in Iraq and Indonesia to obtain and retain business. According to the SEC’s statement, the Company’s internal controls failed to detect the illicit conduct, and “Innospec’s long-standing practice of bribing government officials was particularly egregious given the role of management, which authorized and condoned the misconduct.”
If you are a shareholder of Innospec, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.