WAYNE, Pa., Aug. 20, 2013
/PRNewswire/ -- Ryan & Maniskas, LLP
(www.rmclasslaw.com/cases/mdr) announces that a class action
lawsuit has been filed 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").
(Logo: http://photos.prnewswire.com/prnh/20121112/MM11729LOGO
)
For more information regarding this class action suit, please
contact Ryan & Maniskas, LLP (Richard
A. Maniskas, Esquire) toll-free at (877) 316-3218 or by
email at rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/mdr.
The complaint charges McDermott and certain of its officers and
directors with 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.
If you are a member of the class, you may, no later than
October 15, 2013, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information about the case or to participate online,
please visit: www.rmclasslaw.com/cases/mdr or contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more
information about class action cases in general or to learn more
about Ryan & Maniskas, LLP, please visit our website:
www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
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CONTACT:
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Ryan & Maniskas, LLP
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Richard A.
Maniskas, Esquire
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995 Old Eagle
School Rd., Suite 311
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Wayne, PA
1908
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484-588-5516
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877-316-3218
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www.rmclasslaw.com/cases/mdr
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rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP