SAN DIEGO and HOUSTON, Aug. 28, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that an investor of McDermott International, Inc. (NYSE: MDR) ("McDermott") has filed a complaint in the U.S. District Court for the Southern District of Texas. The complaint alleges that the company and certain of its officers violated the Securities Exchange Act of 1934 between November 6, 2012 and August 5, 2013 (the "Class Period"). McDermott operates as an engineering, procurement, construction, and installation company worldwide.

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

McDermott Accused of Making False and Misleading Statements

According to the complaint, certain McDermott officers made false and misleading statements and failed to disclose information regarding the company's true financial condition, operation, and business prospects. Specifically, the complaint alleges that, throughout the Class Period, the company and certain of its officers disseminated false and misleading statements and/or failed to disclose that McDermott was experiencing weakness in its project bidding and execution, and engaging in poor project management. Further, according to the complaint, McDermott failed to disclose that the company had been experiencing poor project management as well as losses in its Middle East, Asia Pacific, and Atlantic segments. As a result of these false and misleading statements and omissions, McDermott shares traded at artificially inflated prices during the Class Period.

McDermott Stock Price Drops on Poor Financial Results

On August 5, 2013, according to the complaint, McDermott announced the financial results for the second quarter 2013, reporting a net loss of $149.4 million, compared to income of $52.7 million for the same quarter 2012. McDermott attributed the loss to project-related charges in the company's Asia Pacific and Middle East segments arising from weakness in project bidding and execution. On this news, McDermott shares dropped 19%, or $1.80 per share, to close at $6.93 on August 6, 2013.

If you invested in McDermott and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/mcdermott-international-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free at (800) 350-6003
http://www.robbinsarroyo.com

SOURCE Robbins Arroyo LLP

Copyright 2013 PR Newswire

McDermott (NYSE:MDR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more McDermott Charts.
McDermott (NYSE:MDR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more McDermott Charts.