McDermott Shareholder Alert: Briscoe Law & Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers & Direct...
28 August 2013 - 8:24PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor, LLP announce that a
federal class action lawsuit has been filed against McDermott
International, Inc. (“McDermott” or “Company”) (NYSE: MDR) and
several of its officers and directors for acts taken during the
period of November 6, 2012 to August 5, 2013 (the “Class
Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and
Board of Directors of McDermott. If you are an affected McDermott
shareholder and want to learn more about the lawsuit or join the
action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214)
706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach
Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail
at shareholder@powerstaylor.com. There is no cost or fee to
you.
In the complaint, the defendants are alleged to have violated
certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges that defendants misrepresented
and/or failed to disclose that, among other things: (a) McDermott’s
project bidding and execution was experiencing weaknesses; (b)
McDermott was practicing poor risk evaluation; (c) McDermott had
been experiencing poor project management; (d) McDermott was
experiencing material losses in its Middle East, Asia Pacific and
Atlantic segments; and (e) due to the above, the Defendants lacked
a reasonable basis for their positive statements regarding the
Company during the class period. According to this complaint, when
this information was revealed to the market, the Company’s Class
members suffered significant losses and damages.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
The Briscoe Law Firm, PLLCWillie Briscoe,
214-706-9314WBriscoe@TheBriscoeLawFirm.comorPowers Taylor, LLPZach
Groover, 877-728-9607shareholder@powerstaylor.com
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