MCDERMOTT SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors with Losses in Exc...
17 August 2013 - 4:00AM
Marketwired
Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former
Attorney General of Louisiana, Charles C. Foti, Jr., remind
investors that they have until
October 15,
2013 to file lead plaintiff applications in a securities class
action lawsuit against McDermott International Inc. (NYSE: MDR), if
they purchased the Company's securities during the period between
November 6, 2012 and August 5, 2013, inclusive (the "Class
Period"). This action is pending in the United States District
Court for the Southern District of Texas.
What You May Do
If you purchased shares of McDermott and would like to discuss
your legal rights and how this case might affect you and your right
to recover for your economic loss, you may, without obligation or
cost to you, call toll-free at 1-877-515-1850, or email KSF
Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF
Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If
you wish to serve as a lead plaintiff in this class action, you
must petition the Court by October 15,
2013.
About the Lawsuit
McDermott and certain of its executives are charged with issuing
a series of materially false and misleading statements during the
Class Period, violating federal securities laws.
On August 5, 2013, McDermott reported its second quarter 2013
financial results, disclosing that it experienced a substantial
decrease in the Company's year-over-year financial results with
revenues of $647.3 million compared to $889.2 million in the
corresponding period of 2012 and an operating loss of $149.5
million compared to operating income of $79.4 million in the 2012
second quarter. The Company stated that it was "taking immediate
and decisive actions to correct the weakness we have experienced in
our project bidding and execution."
On this news, McDermott's stock price fell over 20%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former
Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers
with significant experience litigating complex securities class
actions nationwide on behalf of both institutional and individual
shareholders, you may visit www.ksfcounsel.com.
Contact: Kahn Swick & Foti, LLC Lewis Kahn Managing Partner
lewis.kahn@ksfcounsel.com Melinda Nicholson Partner
melinda.nicholson@ksfcounsel.com 1-877-515-1850 206 Covington St.
Madisonville, LA 70447
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