NEW YORK, Aug. 20, 2013 /PRNewswire/ -- Pomerantz
Grossman Hufford Dahlstrom & Gross LLP has filed a class action
lawsuit against McDermott International, Inc. ("McDermott" or
the "Company") (NYSE: MDR) and certain of its officers. The
class action, filed in United States District Court, Southern
District of Texas, and docketed
under 13-cv-2442, is on behalf of a class consisting of all persons
or entities who purchased or otherwise acquired securities of
McDermott between November 6, 2012
and August 5, 2013 both dates
inclusive (the "Class Period"). This class action seeks to recover
damages against the Company and certain of its officers and
directors as a result of alleged violations of the federal
securities laws pursuant to Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased McDermott securities
during the Class Period, you have until October 15, 2013 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
McDermott is an engineering, procurement, construction and
installation ("EPCI") company focused on executing complex offshore
oil and gas projects worldwide. The Company provides
integrated EPCI services for upstream field developments including,
fixed and floating production facilities, pipelines and subsea
systems from concepts to commissioning. McDermott operates in
approximately 20 countries across the Atlantic, Middle East and Asia
Pacific area.
The Complaint alleges that throughout the Class Period,
Defendants made false and misleading statements and/or failed to
disclose that: (a) the Company was experiencing weakness 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 the Company
issued a press release, reporting the Company's second quarter
financial and operating results for the quarter ending June 30, 2013, stating a substantial decrease in
the Company's year-over-year financial results which the Company
attributed to poor performance of 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 that 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. On this news, McDermott shares declined $1.80 per share or over 19%, to close at
$6.93 per share on August 6, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz Grossman Hufford Dahlstrom
& Gross LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford
Dahlstrom & Gross LLP