NEW YORK, Aug. 19, 2013 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC announces
that a securities class action has been filed in the United States
District Court for the Southern District of Texas on behalf of those who purchased shares
of McDermott International, Inc. ("McDermott or the Company")
(NYSE: MDR), during the period between November 6, 2012 and August 5, 2013, inclusive (the "Class
Period").
The complaint charges the defendants with violations of federal
securities laws. Specifically the complaint alleges that
Defendants made false and misleading statements and/or failed to
disclose that: (i) the Company was experiencing weaknesses in its
project bidding and execution; (ii) the Company was engaging in
poor risk evaluation; (iii) the Company had been experiencing poor
project management; (iv) the Company was experiencing material
losses in its Middle East,
Asia Pacific and Atlantic
segments; and (v) based upon the above, the Defendants lacked a
reasonable basis for their positive statements about the Company
during the Class Period.
Shares of McDermott fell $1.80 or
20.6% to close at $6.93 on
August 6, 2013, after the company
disclosed in an August 5, 2013 press
release that the Company experienced a substantial decrease in its
year over year financial results. 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.
Plaintiff seeks to recover damages on behalf of all McDermott
shareholders who purchased common stock during the Class Period
described above.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact Peretz
Bronstein, Esq. or his Investor Relations Coordinator
Eitan Kimelman of Bronstein, Gewirtz
& Grossman, LLC at 212-697-6484 or via email info@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number. October
15, 2013 is the deadline for investors to seek a lead
plaintiff appointment. Your ability to share in any recovery
doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
SOURCE Bronstein, Gewirtz & Grossman, LLC