SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against McDermott International, Inc. and Certain Officers - MDR
12 Oktober 2013 - 12:38AM
Marketwired
SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action
Against McDermott International, Inc. and Certain Officers - MDR
NEW YORK, NY--(Marketwired - Oct 11, 2013) - Pomerantz Grossman
Hufford Dahlstrom & Gross LLP has filed a class action lawsuit
against McDermott International, Inc. ("McDermott" or the
"Company") (NYSE: MDR) and certain of its officers. The class
action, filed in United States District Court, Southern District of
Texas, and docketed under 13-cv-2442, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired securities of McDermott between November 6, 2012 and
August 5, 2013 both dates inclusive (the "Class Period"). This
class action seeks to recover damages against the Company and
certain of its officers and directors as a result of alleged
violations of the federal securities laws pursuant to Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder.
If you are a shareholder who purchased McDermott securities
during the Class Period, you have until October 15, 2013 to ask the
Court to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
McDermott is an engineering, procurement, construction and
installation ("EPCI") company focused on executing complex offshore
oil and gas projects worldwide. The Company provides integrated
EPCI services for upstream field developments including, fixed and
floating production facilities, pipelines and subsea systems from
concepts to commissioning. McDermott operates in approximately 20
countries across the Atlantic, Middle East and Asia Pacific
area.
The Complaint alleges that throughout the Class Period,
Defendants made false and misleading statements and/or failed to
disclose that: (a) the Company was experiencing weakness in its
project bidding and execution; (b) the Company was engaging in poor
risk evaluation; (c) the Company had been experiencing poor project
management; (d) the Company was experiencing material losses in its
Middle East, Asia Pacific and Atlantic segments; and (e) based upon
the above, the Defendants lacked a reasonable basis for their
positive statements about the Company during the Class Period.
On August 5, 2013 the Company issued a press release, reporting
the Company's second quarter financial and operating results for
the quarter ending June 30, 2013, stating a substantial decrease in
the Company's year-over-year financial results which the Company
attributed to poor performance of several significant projects in
the Middle East and Asia Pacific segment along with
underutilization of assets in the Company's Atlantic segment. The
Company additionally disclosed that it was taking immediate action
to correct "weaknesses" in its "project bidding and execution" and
that management was putting in place four initiatives in order to
create a "more disciplined culture within the Company" to deliver
adequate return on the Company's investors' capital. On this news,
McDermott shares declined $1.80 per share or over 19%, to close at
$6.93 per share on August 6, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford
Dahlstrom & Gross LLP Email Contact
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