The investment adviser says it made a presentation to LAYN management earlier this month urging a reorganization that would include the evaluation of each business division and the potential divestment of a division, whose proceeds would be used to pay down debt and initiate a share buyback program.
Layne Christensen (LAYN -0.9%) says the Justice Department will not file any charges against the company in connection with the previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act.
LAYN had previously accrued a reserve of $10.4M for the settlement of the investigations, which will be cut roughly in half based on the DoJ decision; the results will be reflected in the July fiscal quarter.
Layne Christensen (NASDAQ:LAYN) appoints Andrew Atchison as interim CFO after James Easter resigns effective Aug. 1 to pursue other interests; chief accounting officer Martha Vance also resigns effective Aug. 1.
The latest departures come on the heels of the recent departure of CEO Rene Robichaud.
Jefferies lowered their price target on shares of Layne Christensen (LAYN +1.8%) from $17.00 to $14.50 in a research report released this past Tuesday. The group still has a “hold” rating on the stock.