Law Offices of Howard G. Smith Announces Class Action Lawsuit Against
McDermott International, Inc.
BENSALEM, Pa. -- September 21, 2013
Law Offices of Howard G. Smith announces that a class action lawsuit has been
filed in the United States District Court for the Southern District of Texas
on behalf of a class (the “Class”) comprising all purchasers of the common
stock of McDermott International, Inc. (“McDermott” or the “Company”)
(NYSE:MDR) between November 6, 2012 and August 5, 2013, inclusive (the “Class
McDermott is focused on designing and executing complex offshore oil and gas
projects worldwide. The Complaint alleges that during the Class Period
defendants issued false and misleading statements 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; (4) the Company was
experiencing material losses in its Middle East, Asia Pacific and Atlantic
segments; and (5) based upon the foregoing, the defendants lacked a reasonable
basis for their positive statements about the Company during the Class Period.
On August 5, 2013 the Company reported a substantial decrease in the Company’s
second quarter year-over-year financial results, which it attributed to poor
performance of several projects in the Middle East and Asia Pacific segment,
and also disclosed it was taking action to correct “weaknesses” in its project
bidding and execution.
No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased
McDermott common stock during the Class Period, you have certain rights, and
have until October 15, 2013 to move for lead plaintiff status. To be a member
of the class you need not take any action at this time or you may retain
counsel of your choice. If you purchased McDermott shares prior to the Class
Period and have any questions concerning this Notice 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 http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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