Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of McDermott International, Inc.
24 August 2013 - 5:32AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims on behalf of purchasers of the
common stock of McDermott International, Inc. (“McDermott” or the
“Company”) (NYSE:MDR) concerning possible violations of federal
securities laws. The investigation focuses on certain statements
issued by McDermott between November 6, 2012 and August 5, 2013
concerning its operations and financial prospects.
McDermott operates as an engineering, procurement, construction
and installation company worldwide, focused on designing and
executing complex offshore oil and gas projects. The investigation
is related to allegations that the Company issued false and/or
misleading statements and/or failed to disclose that: (1) the
Company was experiencing weaknesses in its project bidding and
execution; (2) the Company was engaging in poor risk evaluation;
(3) the Company had been experiencing poor project management; and
(4) the Company was experiencing material losses in its Middle
East, Asia Pacific and Atlantic segments.
On August 5, 2013 the Company reported second quarter financial
results and 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. In addition, the Company disclosed that it was
taking action to correct “weaknesses” in its project bidding and
execution, and establishing four management initiatives to create a
“more disciplined culture within the Company” to deliver adequate
return on the Company's investors’ capital. Following this news,
McDermott shares declined 19%, or $1.80 per share, to close at
$6.93 per share on August 6, 2013.
If you purchased McDermott shares, if you have information or
would like to learn more about these claims, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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