BENSALEM, Pa.–(BUSINESS WIRE)–$MDR #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has
been 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.
Investors suffering losses on their McDermott investments are encouraged
to contact the Law Offices of Howard G. Smith to discuss their legal
rights in this class action at 888-638-4847 or by email to email@example.com.
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
If you purchased shares of McDermott, have information or would like to
learn more about these claims, or have any questions concerning this
announcement 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 firstname.lastname@example.org,
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.