Ryan & Maniskas, LLP Announces Class Action Lawsuit Against McDermott International, Inc.
WAYNE, Pa., Aug. 20, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/mdr) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas against McDermott International, Inc. ("McDermott" or the "Company") (NYSE: MDR) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from November 6, 2012 through August 5, 2013 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/mdr.
The complaint charges McDermott and certain of its officers and directors with violations of the Securities Exchange Act of 1934. McDermott is an engineering, procurement, construction and installation company focused on executing complex offshore oil and gas projects worldwide. McDermott operates in approximately 20 countries across the Atlantic, Middle East and Asia Pacific area. The complaint alleges that the Defendants made false and misleading statements and/or failed to disclose that: (a) the Company was experiencing weaknesses 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, McDermott announced second quarter financial and operating results for the quarter ending June 30, 2013. In its press release, the Company disclosed that it experienced a substantial decrease in the Company's year-over-year financial results which badly missed Wall Street consensus estimates. The Company attributed its poor performance to 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 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.
In reaction to the disappointing news, McDermott's stock price fell $1.80 per share or 20.6% from $8.73 per share on August 5, 2013 to $6.93 per share on August 6, 2013, on usually heavy trading volume.
If you are a member of the class, you may, no later than October 15, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/mdr or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP
More by this Source
Ryan & Maniskas, LLP Announces Investigation of Zygo Corporation
Apr 14, 2014, 10:58 ET
Ryan & Maniskas, LLP Announces Investigation of OBA Financial Services, Inc.
Apr 09, 2014, 10:34 ET
Ryan & Maniskas, LLP Announces Investigation of Vocus Inc.
Apr 08, 2014, 11:08 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.