Ryan & Maniskas, LLP Announces Class Action Lawsuit Against McDermott
WAYNE, Pa., Aug. 20, 2013
WAYNE,Pa., Aug. 20, 2013 /PRNewswire/ --Ryan & Maniskas, LLP
(www.rmclasslaw.com/cases/mdr) announces that a class action lawsuit has been
filed in the United States District Court for the Southern District of Texas
against McDermott International, Inc. ("McDermott" or the "Company") (NYSE:
MDR) on behalf of investors who purchased or otherwise acquired the common
stock of the Company during the period from November 6, 2012 through August 5,
2013 (the "Class Period").
(Logo: http://photos.prnewswire.com/prnh/20121112/MM11729LOGO )
For more information regarding this class action suit, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by
email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/mdr.
The complaint charges McDermott and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. McDermott is an
engineering, procurement, construction and installation company focused on
executing complex offshore oil and gas projects worldwide. McDermott operates
in approximately 20 countries across the Atlantic, Middle East and Asia
Pacific area. The complaint alleges that the Defendants made false and
misleading statements and/or failed to disclose that: (a) the Company was
experiencing weaknesses 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, McDermott announced second quarter financial and operating
results for the quarter ending June 30, 2013. In its press release, the
Company disclosed that it experienced a substantial decrease in the Company's
year-over-year financial results which badly missed Wall Street consensus
estimates. The Company attributed its poor performance to 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 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'
In reaction to the disappointing news, McDermott's stock price fell $1.80 per
share or 20.6% from $8.73 per share on August 5, 2013 to $6.93 per share on
August 6, 2013, on usually heavy trading volume.
If you are a member of the class, you may, no later than October 15, 2013,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead plaintiff, the
Court must determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve
as your counsel in this action.
For more information about the case or to participate online, please visit:
www.rmclasslaw.com/cases/mdr or contact Richard A. Maniskas, Esquire toll-free
at (877) 316-3218, or by e-mail at email@example.com. For more
information about class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan &
Maniskas, LLP is devoted to protecting the interests of individual and
institutional investors in shareholder actions in state and federal courts
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 1908
SOURCE Ryan & Maniskas, LLP
Press spacebar to pause and continue. Press esc to stop.