Key Developments: Layne Christensen Co (LAYN.O)
22.32USD
17 May 2013
$0.31 (+1.41%)
$22.01
$22.04
$22.49
$21.80
215,156
166,669
$25.11
$17.42
Latest Key Developments (Source: Significant Developments)
Layne Christensen Co Names James R. Easter Chief Financial Officer
Layne Christensen Co announced that James R. Easter has been named Chief Financial Officer, effective May 6, 2013. Full Article
Layne Christensen Co Issues Q4 2013 Earnings Guidance
Layne Christensen Co announced that the loss before income taxes in the fourth quarter of 2013 is expected to be between $34 million and $38 million. Full Article
Layne Christensen Co Sells Energy Division's E&P Assets For $15 Million
Layne Christensen Co announced that on October 1, 2012 it sold all of the exploration and production (E&P) assets of Energy Division to LR Energy, Inc., a portfolio company of Longroad Capital Partners III, L.P., for $15 million. Layne intends to use the proceeds from this transaction to pay down outstanding debt and for general corporate purposes. Full Article
Layne Christensen Co Acquires Remaining Interest in Costa Fortuna
Layne Christensen Co announced that it has acquired the remaining 50% interest of Costa Fortuna Fundacoes e Construcoes Ltda that it did not previously own. Layne acquired its initial 50% interest in Costa Fortuna in July 2010. Costa Fortuna, with operations in Sao Paulo, Brazil and Montevideo, Uruguay, is part of Layne's Geoconstruction Group and is a provider of specialty foundation and specialized marine geotechnical services in South America. Costa Fortuna specializes in the implementation of large-diameter bored piles, diaphragm walls, root piles, soil nailing, jet grouting, investigatory geotechnical services, and maritime and river specialized foundations. Total consideration paid by Layne for the remaining 50% interest was $16.15 million, bringing Layne's total investment in Costa Fortuna to $32.3 million for a 100% interest, plus the assumption of $9 million in debt. The value of the acquisition is approximately three times EBITDA. Escrow of $2.4 million will be held for two years. Full Article
Layne Christensen Company Secures IDIQ Contract Valued At Up To $70 Million
Layne Christensen Company announced that the Washington Suburban Sanitary Commission (the WSSC) has awarded Layne Inliner an Indefinite Delivery, Indefinite Quantity (IDIQ) contract for sanitary sewer repairs, replacement and renewals in environmentally sensitive areas. The contract has a value to Layne Inliner of up to $70 million, with a WSSC option for an additional $10 million in work. This is the third IDIQ contract that WSSC has awarded to Layne's Inliner division since 2011, and raises the combined contract value with WSSC to up to $120 million, excluding WSSC options for additional work. Work is in the early stages on the first two WSSC contracts. Each of the three IDIQ contracts has a five-year base term with optional two-year renewals. WSSC is one of the water and wastewater utilities in the country serving almost 2 million residents. Its principal service area is Prince George's and Montgomery counties in Maryland. Full Article
Holzer Holzer & Fistel, LLC Announces Investigation Into Potential Claims For Breaches Of Fiduciary Duty By Certain Officers And Directors Of Layne Christensen Company
Holzer Holzer & Fistel, LLC announced that it is investigating potential breaches of fiduciary duty by certain officers and directors of Layne Christensen Company (“Layne Christensen” or the “Company”). On March 22, 2012, Layne Christensen announced that the results of an internal investigation into the Company’s practices suggested that it had been routinely violating the Foreign Corrupt Practices Act by making improper payments through its subsidiaries in Africa. This alleged misconduct is now being investigated by the Securities and Exchange Commission and the U.S. Department of Justice. Holzer Holzer & Fistel, LLC’s investigation seeks to determine if Layne Christensen’s Board of Directors breached its fiduciary duty to Company shareholders in connection with the potential violations of the FCPA. Full Article
Layne Christensen Company Files Extension For Fiscal 2012 Form 10-K Filing
Layne Christensen Company announced that it will file a Form 12b-25 Notification of Late Filing for its Annual Report on Form 10-K for the year ended January 31, 2012 with the United States Securities and Exchange Commission (SEC). The Form 12b-25 will allow the Company an additional 15 calendar days to file the Form 10-K, which would have otherwise been due on April 16, 2012. As a result of the late filing, Layne has rescheduled the release of its fiscal 2012 fourth quarter and full year financial results and conference call to April 19, 2012 from April 12, 2012. The extension will provide additional time necessary to allow Layne to finalize the review of the impairment charges as discussed in its announcement on March 22, 2012 and appropriately incorporate these and other matters into Layne's fiscal 2012 Form 10-K. Full Article
Robbins Umeda LLP Announces Investigation Of Layne Christensen Company
Shareholder rights firm Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Layne Christensen Company. Robbins Umeda LLP is investigating whether officers and directors of Layne Christensen breached their fiduciary duties by maintaining inadequate controls and wasting corporate assets to the detriment of the company and investors. In particular, the firm is examining allegations that officials at the company made improper payments to government entities in Africa that violated the Foreign Corrupt Practices Act ("FCPA"). On March 22, 2012, Layne Christensen issued a press release announcing that it expects to record a non-cash after-tax impairment charge…of between $70 and $80 million in the fourth quarter of its fiscal year ended January 31, 2012. Additionally, the press release contained the revelation that an internal investigation at the company uncovered documents that suggested officials at Layne Christensen routinely violated the FCPA and other local laws" by issuing improper payments…over a considerable period of time, by or on behalf of, certain foreign subsidiaries of the Company. Since these facts have emerged, Layne Christensen has increasingly become the focus of costly public and legal scrutiny, while deficient controls continue to threaten the company's business prospects and intrinsic value for shareholders. Full Article
Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of Layne Christensen Company For Possible Violations Of Foreign Corrupt Practices Act
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announced that the firms are investigating legal claims against the officers and Board of Directors of Layne Christensen Company (“Layne” or “LAYN”) for potential breaches of fiduciary duties and violations of the Foreign Corrupt Practices Act (“FCPA”). Specifically, Layne recently announced that “it expects to record a non-cash after-tax impairment in charge in the fourth quarter . . . of between $70 and $80 million.” Additionally, Layne announced that an internal investigation revealed that it found documents suggesting that Layne may have made improper payments “over a considerable period of time” in violation of the FCPA and other local laws. Full Article
Finkelstein Thompson LLP Announces Investigation Of Layne Christensen Co.
Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Layne Christensen Co. (Layne or the Company). On March 23, 2012, Layne filed documents with the Securities and Exchange Commission disclosing an internal investigation had revealed “documents and information suggesting that improper payments were made over a considerable period of time, by or on behalf of, certain foreign subsidiaries of the Company to agents and other third parties interacting with government officials in certain countries in Africa.” Layne further disclosed that these payments may violate federal anti-bribery laws, as well as other laws, and that it was cooperating with both the United States Department of Justice and the Securities Exchange Commission as those agencies investigated the matter. These allegations, if true, have the potential to impose burdens and costs on Layne and its shareholders. Finkelstein Thompson’s investigation seeks to determine what remedies may be available to Layne shareholders. Full Article
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