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, or visit our website at


Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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