Gainey McKenna & Egleston Announces a Securities Fraud Class Action Lawsuit
Has Been Filed Against McDermott International, Inc. -- MDR
NEW YORK, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston
announces that a class action lawsuit has been filed in the United States
District Court for the Southern District of Texas on behalf of all persons or
entities who purchased the securities of McDermott International, Inc.
("McDermott" or the "Company") (NYSE:MDR) between November 6, 2012 through
August 5, 2013 ("Class Period"), seeking remedies under the federal securities
The Complaint alleges Defendants made false and misleading statements and/or
failed to disclose that: (i) the Company was experiencing weaknesses in its
project bidding and execution; (ii) the Company was engaging in poor risk
evaluation; (iii) the Company had been experiencing poor project management;
(iv) the Company was experiencing material losses in its Middle East, Asia
Pacific and Atlantic segments; and (v) based upon the above, Defendants lacked
a reasonable basis for their positive statements about the Company during the
On August 5, 2013, McDermott announced second quarter financial and operating
results for the quarter ending June 30, 2013. The Company disclosed that it
experienced a substantial decrease in its 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' capital.
If you wish to serve as lead plaintiff, you must move the Court no later than
October 15, 2013. A lead plaintiff is a representative party acting on behalf
of other class members in directing the litigation. If you wish to join the
litigation, or to discuss your rights or interests regarding this class
action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of
Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at
firstname.lastname@example.org or email@example.com.
Attorney Advertising -- Prior results do not guarantee a similar outcome with
respect to any future matter. Please visit our website at
http://www.gme-law.com for more information about the firm.
CONTACT: Gainey McKenna & Egleston
Thomas J. McKenna, Esq.
Gregory M. Egleston, Esq.
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