The Law Offices of Nicholas Koluncich III, LLC Announces Investigation of McDermott International, Inc.
27 August 2013 - 3:00PM
Business Wire
The Law Offices of Nicholas Koluncich III, LLC is investigating
possible breaches of fiduciary duty by the Board of Directors of
McDermott International, Inc. (NYSE: MDR) (“McDermott,” “the
Company” or “MDR”) relating to its recent disclosure of materially
adverse financial results for the last fiscal quarter. If you own
or owned McDermott shares or have any questions concerning your
rights or interests with respect to MDR, please contact The Law
Offices of Nicholas Koluncich III, LLC. In summary, McDermott’s
August 5, 2013 Press Release and Quarterly Report on Form 10-Q,
filed with the SEC, disclosed a $0.63 loss per fully diluted
share. This adverse information, following as it did positive net
income figures for the previous quarter, precipitated a 20% decline
in share price in the next two trading days. This loss has yet to
be fully recovered. This decline followed MDR’s announcement
of:
- “weakness … in [MDR’s] project bidding
and execution;”
- management “problems” and
“issues;”
- substantial restructuring costs for its
Atlantic operations; and
- “operating losses in its Middle East,
Asia Pacific segments.”
The “retire[ment]” of MDR’s COO, John T. McCormack, was also
announced at the time, but in a separate press release. Lawsuits
have been filed which may affect your rights as a MDR shareholder.
The lawsuits allege, in summary, that McDermott insiders made false
and misleading statements and/or failed to disclose the problems
specified above. To participate or to have your voice heard in a
lawsuit concerning these adverse disclosures or to discuss this
matter with an attorney at no cost to you, you are encouraged to
swiftly contact us at the telephone number below.
If you own McDermott shares or have any questions concerning
your rights or interests with respect to the MDR lawsuit, please
contact The Law Offices of Nicholas Koluncich III, LLC. The initial
attorney consultation is free of charge and all information shall
be treated as attorney client privileged and confidential. Although
the outcome of litigation is never assured, as a McDermott
shareholder, you may be eligible for some form of financial
recovery.
The Law Offices of Nicholas Koluncich III, LLC6501 Americas
Parkway NEOne Park Square – Suite 820Albuquerque, NM 87110(505)
881-2228FAX (505) 881-4288nkoluncich@newmexicoclassactions.com
The Law Offices of Nicholas Koluncich III, LLC has been
representing individual and institutional investors for over a
decade, serving as counsel in numerous securities and derivative
litigations in U.S. federal and state courts.
The Law Offices of Nicholas Koluncich III, LLCNicholas
Koluncich, 505-881-2228fax:
505-881-4288nkoluncich@newmexicoclassactions.com
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
Echtzeit-Nachrichten über McDermott International Inc (New York Börse): 0 Nachrichtenartikel
Weitere The Law Offices of Nicholas Koluncich III, LLC News-Artikel