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UPDATE 1-Layne says probe finds evidence of improper payments in Africa
* Says made voluntary disclosure of probe's findings to SEC, DOJ
* Says improper payments may violate U.S. anti-graft, local laws
* Says cooperating with SEC, DOJ with their reviews
* Sees weak FY profit
* Shares slide 11 pct in after-mkt trade
March 22 (Reuters) - Layne Christensen said an ongoing internal probe has found documents and information suggesting that improper payments were made to agents and other third parties interacting with government officials in certain countries in Africa.
The company, which also forecast full-year earnings below Wall Street expectations, said these payments, which were made over a considerable period of time, may violate U.S. anti-corruption and local laws.
Layne Christensen said it has voluntarily disclosed the results of the investigation to the U.S. Department of Justice and the Securities and Exchange Commission and is cooperating with these agencies in connection with their review of the matter.
The company launched its investigation after questions were raised internally in late September 2010 about the legality of its payments to agents in Africa.
Trading in Layne Christensen shares was halted pending the announcement. They fell 11 percent in after-market trading after having closed at $22.43 on Thursday on the Nasdaq.
The company also said it expects adjusted earnings $1.59 per share to $1.64 per share for full-year, while analysts' were expecting $1.89 per share for 2012, according to Thomson Reuters I/B/E/S.
Layne Christensen provides drilling, water treatment and construction services to water utilities, mining companies, heavy civil construction contractors, and oil and gas producers.
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