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 | Investigations Dataset

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

Investigations Dataset

 
Investigation into Albemarle's Activities in Unspecified Countries · Albemarle Corporation

Information & Summary

Investigation into Albemarle's Activities in Unspecified Countries

Related FCPA Matter:   Albemarle Corp's Involvement in Multiple Countries between 2009 and 2017 Information

Information & Summary

Investigation Name:    Investigation into Albemarle's Activities in Unspecified Countries

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Dutch Public Prosecutor's Office

Whistleblower:    Unknown

Summary

Albemarle Corporation (Albemarle), incorporated in Virginia and with principal offices in North Carolina, is a global developer, manufacturer and marketer of highly engineered specialty chemicals for a variety of industries. Its common stock is traded on the NYSE.

In its 10-K filed on February 28, 2018, Albemarle disclosed that it had received information regarding certain improper payments made by third party sales representatives in the company's Refining Solutions business. Upon receipt of that information, Albemarle hired outside counsel and forensic accountants to investigate possible violations of the company's code of conduct and the FCPA.

Based on its initial findings, Albemarle reported potential issues to the DOJ and SEC as well as the Dutch Public Prosecutor. The company said that it cooperated in the agencies' investigations and had begun to implement appropriate remedial measures.

In its 10-Q filed on November 4, 2021, Albemarle disclosed that it had begun negotiations with the SEC to resolve its investigation.

In its 10-Q filed on August 3, 2022, Albemarle disclosed that it had also begun negotiations with the DOJ to resolve its investigation.

In its 10-Q filed on August 2, 2023, Albemarle disclosed that it anticipated entering into a non-prosecution agreement with the DOJ and an administrative settlement with the SEC and that the company would pay approximately $218.5 million in aggregate sanctions. Accordingly, the company accrued that amount in anticipation of the settlement.

On September 29, 2023, the DOJ and SEC announced enforcement actions against Albemarle.

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