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