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Friday Roundup

Roundup

Quotable, sentenced, scrutiny updates, dismissed and for the reading stack. It’s all here in the Friday roundup.

Quotable

In a recent Corporate Crime Reporter interview, former DOJ FCPA prosecutor Ephraim Wernick was asked if FCPA enforcement has changed under the Trump administration and stated:

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Friday Roundup

Roundup

Sentenced, another one dismissed, scrutiny alerts, clawback, and pardon me for being that guy but … It’s all here in the Friday roundup.

Sentenced

As highlighted in prior posts here and here, in January 2017 the DOJ announced a $170 million Foreign Corrupt Practices Act enforcement action against U.K. based Rolls-Royce concerning conduct in Thailand, Brazil, Kazakhstan, Azerbaijan, Angola, Iraq and elsewhere.

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From The Dockets

Judicial Decision

This post highlights updates to Foreign Corrupt Practices Act related civil actions involving OSI Systems and Misonix.

OSI Systems

As highlighted in this prior post, in late 2017 investment firm Muddy Waters Research accused OSI Systems (a California based company that develops and markets security and inspection systems such as airport security X-ray machines and metal detectors) of corruption in Albania. As often happens when a company becomes the subject of FCPA scrutiny, plaintiff’s lawyers representing shareholder filed securities fraud class action lawsuits.

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Yet Another FCPA-Related Securities Fraud Lawsuit Dismissed

Dismissed

It is as predictable as the sun rising in the east and dogs barking.

In the aftermath of a Foreign Corrupt Practices Act enforcement action (or mere instances of FCPA scrutiny), plaintiffs’ lawyers representing shareholders on a contingent fee basis file securities fraud claims against the company and/or certain officers or directors. Such FCPA-related claims are frequently dismissed, but the claims nevertheless continue to be filed.

In the latest example, U.S. District Court Judge William Bertelsman (E.D. KY) recently granted a motion to dismiss filed by General Cable (and various individual defendants) disposing of Section 10(b) and Rule 10-b5  claims. As highlighted in prior posts here and here, in late 2016 General Cable agreed to pay approximately $76 million to resolve an FCPA enforcement action concerning conduct in Angola, Bangladesh, Indonesia, Thailand, China, and Egypt.

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