Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Innospec Inc. ("Innospec" or the "Company") (NASDAQ:IOSP). Innospec engages in the development, manufacture, blending, and marketing of fuel additives and other specialty chemicals to oil refineries and other chemical and industrial companies worldwide. The Company was formerly known as Octel Corp. and changed its name to Innospec in January 2006. Innospec was founded in 1938 and is headquartered in Newark, Delaware.
Robbins Umeda LLP's investigation concerns whether Innospec's directors and officers breached their fiduciary duties by causing or allowing the Company to violate the Foreign Corrupt Practices Act ("FCPA").
On March 18, 2010, Innospec pled guilty to bribing Iraqi and Indonesian officials in violation of the FCPA and agreed to pay a $40.2 million fine to the governments of the United States and the United Kingdom. Additionally, in a recent filing with the U.S. Securities and Exchange Commission, Innospec disclosed legal costs related to their guilty plea to be more than $35 million and an accrual of $3.9 million spent in the first quarter of 2010 in "respect of probable future compliance monitor expenses."
If you are a shareholder of Innospec, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com. Advertisement