SHAREHOLDER ALERT: Brower Piven Informs Investors With Substantial Losses from Investment in McDermott International, Inc. Th...
20 September 2013 - 12:10AM
Business Wire
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Southern District of Texas on behalf of purchasers of
McDermott International, Inc. (“McDermott” or the “Company”) (NYSE:
MDR) common stock during the period between November 6, 2012 and
August 5, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in McDermott
International, Inc. common stock purchased on or after November 6,
2012, and held through the revelation of negative information on
August 5, 2013, as described below, at no cost to you, you may
obtain additional information about this lawsuit and your ability
to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than October 15, 2013 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company was
experiencing weaknesses in its project bidding and execution and
material losses in its Middle East, Asia Pacific and Atlantic
segments. According to the complaint, after the Company’s August 5,
2013 announcement of lower second quarter financial and operating
results for the quarter ending June 30, 2013 and poor performance
of several significant projects in the Middle East and Asia Pacific
segment, that it was taking immediate action to correct
“weaknesses” in its “project bidding and execution,” and, with no
explanation, the retirement of the Company’s Executive Vice
President and Chief Operating Officer, John T. McCormack, in
quarter four of 2013 after being with the Company ten years, the
value of McDermott shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
Brower Piven, A Professional CorporationStevenson,
MarylandCharles J. Piven, 410-415-6616hoffman@browerpiven.com
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