We are currently restructuring our databases, so be advised that the FCPAC database is updated only through July 30, 2025.

Processing your request


please wait...

 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Oil States International, Inc.'s Activities in Venezuela · Oil States International, Inc.

Information & Summary

Investigation into Oil States International, Inc.'s Activities in Venezuela

Related FCPA Matter:   Oil States International's Involvement in Venezuela from 2003 to 2004 Information

Information & Summary

Investigation Name:    Investigation into Oil States International, Inc.'s Activities in Venezuela

Trend:    None

Type of investigation:    Internal, SEC

Other Agencies Investigating/Assisting with SEC Investigation:    Unknown

Whistleblower:    Unknown

Summary

Oil States International, Inc. ("Oil States") is a specialty provider to oil and gas drilling and production companies in the United States and in many of the world's active oil and gas producing regions, including South America. Incorporated in Delaware with principal offices in Houston, Texas, its common stock is traded on the New York Stock Exchange.

As disclosed in its March 2, 2006 10-K filing, on February 18, 2005, Oil States announced that it had conducted an internal investigation prompted by the discovery of over billings totaling approximately $400,000 by one of its subsidiaries to a government-owned oil company in South America. The over billings were detected by Oil States during routine financial review procedures. Oil States and independent counsel retained by the audit committee conducted separate investigations consisting of interviews and a thorough examination of the facts and circumstances regarding the matter. Oil States voluntarily reported the results of the internal investigation to the SEC and have fully cooperated with requests for information received from the agency.

The SEC completed its informal investigation of the matter.

On October 31, 2005, counsel received a “Wells Notice” from the staff of the SEC indicating that the staff had made a preliminary decision to recommend that the SEC bring a civil action against Oil States alleging violations of provisions of the Securities and Exchange Act of 1934 relating to the maintenance of books, records and internal accounting controls and procedures.

According to Oil States’ April 27, 2006 8-K filing, the SEC, pursuant to a settlement agreement with Oil States, issued an order requiring Oil States to cease and desist from committing or causing violations of the "books and records" and "internal controls provisions" of the securities laws. The settlement did not require Oil States to pay a monetary penalty.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.