SAN DIEGO and NEW YORK, March 31, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of the investment management company, Och-Ziff Capital Management Group LLC (OZM), breached their fiduciary duties to shareholders.
View the investigation on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/och-ziff
Och-Ziff Investigated for Possible Violations of the Foreign Corrupt Practices Act
On March 18, 2014, Och-Ziff disclosed that in 2011 the company began receiving subpoenas from the U.S. Securities and Exchange Commission and the U.S. Department of Justice as part of an investigation into possible violations of U.S. bribery laws. According to the disclosure, the investigation relates to a 2007 investment made by a foreign sovereign wealth fund in an Och-Ziff fund, in violation of the Foreign Corrupt Practices Act. In addition, the subpoenas sought information concerning investments by certain Och-Ziff funds in several companies in Africa. Och-Ziff acknowledged that the investigation is ongoing and that an "adverse outcome could have a material effect" on its business operations and financial condition. Och-Ziff shares fell 3.5% on March 19, 2014.
In light of this news, Robbins Arroyo LLP is investigating whether Och-Ziff's board of directors breached its fiduciary duties to the company and its shareholders by failing to implement adequate internal controls to ensure compliance with applicable law.
Och-Ziff Shareholders Have Legal Options
Robbins Arroyo LLP highlights that Och-Ziff shareholders have the option to pursue a shareholder litigation demand or shareholder derivative action through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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