SHAREHOLDER ALERT: Pomerantz Law Firm has filed a Class Action Against
McDermott International, Inc. and Certain Officers -- MDR
NEW YORK, Aug. 20, 2013
NEW YORK, Aug. 20, 2013 /PRNewswire/ --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 firstname.lastname@example.org 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
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.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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