Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of McDermott International, Inc.
Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of McDermott International, Inc. Business Wire BENSALEM, Pa. -- August 23, 2013 Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of purchasers of the common stock of McDermott International, Inc. (“McDermott” or the “Company”) (NYSE:MDR) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by McDermott between November 6, 2012 and August 5, 2013 concerning its operations and financial prospects. McDermott operates as an engineering, procurement, construction and installation company worldwide, focused on designing and executing complex offshore oil and gas projects. The investigation is related to allegations that the Company issued false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing weaknesses in its project bidding and execution; (2) the Company was engaging in poor risk evaluation; (3) the Company had been experiencing poor project management; and (4) the Company was experiencing material losses in its Middle East, Asia Pacific and Atlantic segments. On August 5, 2013 the Company reported second quarter financial results and 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. In addition, the Company disclosed that it was taking action to correct “weaknesses” in its project bidding and execution, and establishing four management initiatives to create a “more disciplined culture within the Company” to deliver adequate return on the Company's investors’ capital. Following this news, McDermott shares declined 19%, or $1.80 per share, to close at $6.93 per share on August 6, 2013. If you purchased McDermott shares, if you have information or would like to learn more about these claims, or if you 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 email@example.com, or visit our website at www.howardsmithlaw.com. Contact: Law Offices of Howard G. Smith Howard G. Smith, Esquire 215-638-4847 888-638-4847 firstname.lastname@example.org www.howardsmithlaw.com