LOS ANGELES–(BUSINESS WIRE)–$MDR #CLASSACTION—Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the January
15, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors that purchased McDermott
International, Inc. (“McDermott” or the “Company”) (NYSE: MDR) securities
between January 24, 2018 and October 30, 2018, inclusive
(the “Class Period”). McDermott investors have until January 15, 2019 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
On October 30, 2018, after the close of trading, McDermott reported
financial results for third quarter 2018 that fell far below analysts’
estimates. McDermott reported revenues of $2.29 billion, compared to
midpoint estimates of $2.51 billion, and earnings per share of $0.20,
versus midpoint estimates of $0.29. The Company also reported a $744
million change in the value of certain projects it had acquired from
Chicago Bridge & Iron Company (“CB&I”). And, the Company further
disclosed plans to sell McDermott’s storage tank business and its U.S.
pipe fabrication business, as those businesses “are not core to the
Company’s long term strategic objectives.”
The complaint filed in this action alleges that throughout the Class
Period, Defendants made materially false and/or misleading statements,
as well as failed to disclose material adverse facts about the Company’s
business, operations, and prospects. Specifically, Defendants failed to
disclose to investors: (1) that the Company was facing strong headwinds
and would fail to meet revenue and earnings estimates; (2) that there
were material problems with the integration of the CB&I business; (3)
that certain CB&I projects were reasonably likely to incur higher costs;
(4) that, as a result, the fair value of these CB&I projects would be
materially impacted; and (5) that, as a result of the foregoing,
Defendants’ positive statements about the Company’s business,
operations, and prospects were materially misleading and/or lacked a
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If you purchased shares of McDermott, you may move the Court no later
than January 15, 2019 to ask the Court to appoint you as
lead plaintiff. To be a member of the Class you need not take any action
at this time; you may retain counsel of your choice or take no action
and remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to firstname.lastname@example.org,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
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jurisdictions under the applicable law and ethical rules.