An investigation on behalf of investors in Pride International, Inc (Public, NYSE:PDE) over possible breaches of fiduciary duty and other violations of state law by certain officers and directors at Pride International Inc. (NYSE: PDE) was announced.

According to the investigation by a law firm the investigation focuses on whether Pride’s directors and officers were aware, or should have been aware, of the alleged improper payments to foreign government officials. Investigations show evidence of among others, close to $1 million in payments made to government officials in Venezuela and Mexico in violation of the FCPA between 2003 and 2005. Then on February 16, 2010, Pride International announced a loss for the fourth quarter of 2009 as a result of its accrual of $56.2 million in anticipation of possible settlements with the U.S. Department of Justice and U.S. Securities Exchange Commission in relation to their investigation into the Company's alleged U.S. Foreign Corrupt Practices Act violations as far back as 2001. Former Pride chief operating officer John Blocker, who resigned on 31 May 2006, remains an employee, but not an officer, to assist with the investigation.

The Investigations reportedly show evidence of among others, close to $1 million in payments made to government officials in Venezuela and Mexico between 2003 and 2005. Pride International, Inc., located in Houston, Texas, is an offshore drilling contractor operating, as of February 02, 2009, a fleet of 44 rigs, consisting of two deepwater drillships, 12 semisubmersible rigs, 27 jackups and three managed deepwater drilling rigs. The Company has four ultra-deepwater drillships under construction. Its customers include integrated oil and natural gas companies, state-owned national oil companies and independent oil and natural gas companies. Pride International, Inc. reported in 2007 Total Revenue of $1.329billion with a Net Income of $778.3million, in 2008 Total Revenue of $1.7026billion with Net Income of $851.1million, and in 2009 Total Revenue of $1.5942billion with a Net Income of $285.8million. Shares of Pride International, Inc. (PDE) traded recently at $29.05 per share, down from its 52weekHigh of $34.67 per share, $39.55 per share in August 2008, and $47.79 per share in June 2008.