NEW YORK, Aug. 4, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against TechnipFMC plc ("TechnipFMC" or the "Company") (NYSE: FTI) and certain of its officers, on behalf of shareholders who purchased TechnipFMC securities between April 27, 2017, and July 24, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/fti.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) TechnipFMC had a material weakness in its internal control over rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects; (2) as a result, TechnipFMC lacked effective internal controls over financial reporting; and (3) consequently, TechnipFMC's public statements were materially false and misleading at all relevant times.
On July 24, 2017, after-market hours, TechnipFMC revealed that it would restate its "unaudited interim condensed consolidated U.S. GAAP financial statements as of March 31, 2017 and for the three months ended March 21, 2017 included in the Company's Quarterly Report on Form 10-Q and prior year period prepared and included in the Company's Quarterly Report for comparison purposes for the quarter ended March 31, 2017" and that these statements should no longer be relied upon. TechnipFMC said that errors existed "within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects". Consequently, the net income in the quarter ending March 31, 2017 was overstated by $209.5 million. Following this news, TechnipFMC stock has dropped $0.48 per share, or 1.71%, to close at $27.56 on July 25, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/fti or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in TechnipFMC you have until October 2, 2017 to request that the Court appoint you as lead plaintiff. 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 Yael Hurwitz
212-697-6484 | email@example.com
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