Severe drop comes as company faces endless scandals and announce shutting down of operations in 15 countries.
After falling over 13% on Thursday, SNC-Lavalin shares hit their lowest level in a decade.
The company was already reeling from repeated and seemingly endless scandals, with the latest being revelations that the company was able to get off scot-free despite an illegal donation scheme – the same kind of scheme that others have been jailed for.
In addition to the scandals, the company recently announced that they would be shutting down operations in 15 nations.
They also lost $17 million in Q1 of 2019.
Their stock fell to $4.48, a drop of 13.13% from the day before.
SNC-Lavalin CEO Neil Bruce said “We will stop bidding on certain projects, certainly within the mining area. We’re not going to continue to — in fact we have already stopped — bidding on pure lump-sum EPC (engineering, procurement and construction) projects.”
Of course, whatever problems SNC-Lavalin has, it’s almost certainly that the Trudeau Liberals will use our tax dollars to bail them out. After all, Justin Trudeau and his cronies have shown that SNC-Lavalin matters more to them than anything else in the country.
Photo – YouTube