Saxena White P.A. Files Securities Fraud Class Action Against McDermott International, Inc.
16 August 2013 - 3:20PM
Marketwired
Saxena White P.A. has filed a securities fraud class action lawsuit
in the United States District Court for the Southern District of
Texas against McDermott International, Inc. ("McDermott" or the
"Company") (NYSE: MDR) on behalf of investors who purchased or
otherwise acquired the common stock of the Company during the
period from November 6, 2012 through August 5, 2013 (the "Class
Period"). The complaint brings forth claims for violations of the
Securities Exchange Act of 1934.
McDermott is an engineering, procurement, construction and
installation company focused on executing complex offshore oil and
gas projects worldwide. McDermott operates in approximately 20
countries across the Atlantic, Middle East and Asia Pacific area.
The complaint alleges that the Defendants made false and misleading
statements and/or failed to disclose that: (a) the Company was
experiencing weaknesses in its project bidding and execution; (b)
the Company was engaging in poor risk evaluation; (c) the Company
had been experiencing poor project management; (d) the Company was
experiencing material losses in its Middle East, Asia Pacific and
Atlantic segments; and (e) based upon the above, the Defendants
lacked a reasonable basis for their positive statements about the
Company during the Class Period.
On August 5, 2013, McDermott announced second quarter financial
and operating results for the quarter ending June 30, 2013. In its
press release, the Company disclosed that it experienced a
substantial decrease in the Company's year-over-year financial
results which badly missed Wall Street consensus estimates. The
Company attributed its poor performance to several significant
projects in the Middle East and Asia Pacific segment along with
underutilization of assets in the Company's Atlantic segment. The
Company additionally disclosed that it was taking immediate action
to correct "weaknesses" in its "project bidding and execution" and
management was putting in place four initiatives in order to create
a "more disciplined culture within the Company" to deliver adequate
return on the Company's investors' capital.
In reaction to the disappointing news, McDermott's stock price
fell $1.80 per share or 20.6% from $8.73 per share on August 5,
2013 to $6.93 per share on August 6, 2013, on usually heavy trading
volume. You may obtain a copy of the Complaint and join the class
action at www.saxenawhite.com.
If you purchased McDermott stock between November 6, 2012 and
August 5, 2013, you may contact Joe White (jwhite@saxenawhite.com)
or Marc Grobler (mgrobler@saxenawhite.com) at Saxena White P.A. to
discuss your rights and interests.
If you purchased McDermott common stock during the Class Period
of November 6, 2012 through August 5, 2013, and wish to apply to be
the lead plaintiff in this action, a motion on your behalf must be
filed with the Court no later than October 15, 2013. You may
contact Saxena White P.A. to discuss your rights regarding the
appointment of lead plaintiff and your interest in the class
action. Please note that you may also retain counsel of your choice
and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in
prosecuting securities fraud and complex class actions on behalf of
institutions and individuals. Currently serving as lead counsel in
numerous securities fraud class actions nationwide, the firm has
recovered hundreds of millions of dollars on behalf of injured
investors and is active in major litigation pending in federal and
state courts throughout the United States.
Joseph E. White, III jwhite@saxenawhite.com Marc Grobler
mgrobler@saxenawhite.com Saxena White P.A. 2424 North Federal
Highway, Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax:
(561) 394-3382 www.saxenawhite.com
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024