NEW YORK, Aug. 1, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of TechnipFMC plc ("TechnipFMC" or the "Company") (NYSE: FTI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether TechnipFMC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 24, 2017, post-market, TechnipFMC announced that the Company 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 could no longer be relied upon. TechnipFMC concluded that errors existed "within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects". As a result, the net income attributable to the Company in the quarter ending March 31, 2017, was overstated by $209.5 million.
On this news, TechnipFMC's share price has fallen as much as $1.63, or 5.81%, during intraday trading on July 25, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP