J.P. Morgan Dropping Coverage On Innospec (IOSP)

J.P.Morgan Chase & Co. is dropping coverage on Innospec Inc.

. Its final rating was Neutral. In its last research report, J.P. Morgan writes, "Following the settlement of its multi-year investigation by SEC, DOJ, OFAC and SFO related to the Oil for Food Program, Innospec was sued by NewMarket Corp. and Afton Chemical Corp. The complaint (filed 07/23/10) relates to the same matters as the above-mentioned investigation: plaintiffs claim that IOSP actions in Iraq and Indonesia pertaining to securing sales of TEL product were to the detriment of sales of a competing and alternative non-lead based fuel additive – MMT. As of June 30, IOSP has not accrued any amounts in respect to this matter." Shares of Innospec Inc. closed at $12.34 yesterday.