SHAREHOLDER ALERT: Brower Piven Informs Investors With Substantial Losses
from Investment in McDermott International, Inc. That Less Than A Month
Remains to Seek Appointment As Lead Plaintiff In Securities Class Action
STEVENSON, Md. -- September 19, 2013
Brower Piven, A Professional Corporation announces that a class action lawsuit
has been commenced in the United States District Court for the Southern
District of Texas on behalf of purchasers of McDermott International, Inc.
(“McDermott” or the “Company”) (NYSE: MDR) common stock during the period
between November 6, 2012 and August 5, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in McDermott International,
Inc. common stock purchased on or after November 6, 2012, and held through the
revelation of negative information on August 5, 2013, as described below, at
no cost to you, you may obtain additional information about this lawsuit and
your ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at email@example.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply
to be appointed lead plaintiff no later than October 15, 2013 and be selected
by the Court. The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from investment in
the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants’ failure to disclose during the Class
Period that the Company was experiencing weaknesses in its project bidding and
execution and material losses in its Middle East, Asia Pacific and Atlantic
segments. According to the complaint, after the Company’s August 5, 2013
announcement of lower second quarter financial and operating results for the
quarter ending June 30, 2013 and poor performance of several significant
projects in the Middle East and Asia Pacific segment, that it was taking
immediate action to correct “weaknesses” in its “project bidding and
execution,” and, with no explanation, the retirement of the Company’s
Executive Vice President and Chief Operating Officer, John T. McCormack, in
quarter four of 2013 after being with the Company ten years, the value of
McDermott shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice. You
need take no action at this time to be a member of the class.
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
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