Law Offices of Howard G. Smith Announces Class Action Lawsuit Against McDermott International, Inc.
21 September 2013 - 11:32PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of Texas on behalf of a class (the “Class”)
comprising all purchasers of the common stock of McDermott
International, Inc. (“McDermott” or the “Company”) (NYSE:MDR)
between November 6, 2012 and August 5, 2013, inclusive (the “Class
Period”).
McDermott is focused on designing and executing complex offshore
oil and gas projects worldwide. The Complaint alleges that during
the Class Period defendants issued false and misleading statements
or failed to disclose that: (1) the Company was experiencing
weaknesses in its project bidding and execution; (2) the Company
was engaging in poor risk evaluation; (3) the Company had been
experiencing poor project management; (4) the Company was
experiencing material losses in its Middle East, Asia Pacific and
Atlantic segments; and (5) based upon the foregoing, the defendants
lacked a reasonable basis for their positive statements about the
Company during the Class Period.
On August 5, 2013 the Company reported a substantial decrease in
the Company’s second quarter year-over-year financial results,
which it attributed to poor performance of several projects in the
Middle East and Asia Pacific segment, and also disclosed it was
taking action to correct “weaknesses” in its project bidding and
execution.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain
one. If you purchased McDermott common stock during the Class
Period, you have certain rights, and have until October 15, 2013 to
move for lead plaintiff status. To be a member of the class you
need not take any action at this time or you may retain counsel of
your choice. If you purchased McDermott shares prior to the Class
Period and have any questions concerning this Notice or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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