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64 institutional investors against Saipem

28 April 2015: MGMP is representing 64 institutional investors assisted by Deminor Recovery Services and acting against Saipem, an Italian oil and gas industry contractor. The plaintiffs are claiming €174 million in damages. The plaintiffs argue that Saipem overstated its profits between 13 February 2012 and 14 June 2013. As a consequence, the investors made purchases of Saipem shares during this period at inflated prices. This is the first major Italian case on earnings restatements.
icona-pdf [Deminor press release]