NEW YORK, Aug. 19, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the Southern District of Texas on behalf of those who purchased shares of McDermott International, Inc. ("McDermott or the Company") (NYSE: MDR), during the period between November 6, 2012 and August 5, 2013, inclusive (the "Class Period").
The complaint charges the defendants with violations of federal securities laws. Specifically the complaint alleges that Defendants made false and misleading statements and/or failed to disclose that: (i) the Company was experiencing weaknesses in its project bidding and execution; (ii) the Company was engaging in poor risk evaluation; (iii) the Company had been experiencing poor project management; (iv) the Company was experiencing material losses in its Middle East, Asia Pacific and Atlantic segments; and (v) based upon the above, the Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.
Shares of McDermott fell $1.80 or 20.6% to close at $6.93 on August 6, 2013, after the company disclosed in an August 5, 2013 press release that the Company experienced a substantial decrease in its year over year financial results. 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.
Plaintiff seeks to recover damages on behalf of all McDermott shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. October 15, 2013 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC