Layne Christensen (LAYN) expects to a record a $70M-$80M impairment charge for FQ4, due to...

|About: Layne Christensen Company (LAYN)|By:, SA News Editor

Layne Christensen (LAYN) expects to a record a $70M-$80M impairment charge for FQ4, due to weakness in its water infrastructure business. This weakness leads it to forecast EPS will be near breakeven (excluding the charges), below a $0.37 consensus. Layne also says an investigation regarding bribes to African officials has found documents suggesting "improper payments" were made over a long period of time, and the DOJ and SEC are investigating. Shares are halted. (PR)