Saipem

Saipem S.p.A. is an Italian company providing engineering, drilling and construction services to the energy and infrastructure sectors. The Company is listed on the Milan Stock Exchange and operates in more than 50 countries.

Proceedings have been brought against Saipem in connection with allegations that, between 2007 and 2010, bribes were paid to secure a series of contracts worth approximately €11 billion. It is alleged that Pearl Partners Limited, a Hong Kong-based company, was established and used as an intermediary to facilitate the payments and obtain contracts with high profit margins.

Following a series of disclosures concerning the alleged conduct and its effects on the Company, Saipem shareholders suffered significant investment losses. Investors who acquired Saipem shares between 2 January 2007 and 31 December 2013 may be eligible to participate in the proceedings.

On 4 December 2017, a complaint was filed before the Court of Milan against Saipem and two of its former officers, Pietro Franco Tali and Umberto Vergine. A second group of claims we filed on 4 December 2022.

Claims Funding Europe has partnered with the international law firm DRRT and the Italian law firm Fivers to represent institutional investors seeking compensation for losses allegedly arising from Saipem’s conduct and related disclosures. The case is proceeding before the Court of Milan.