NEW YORK, Aug. 11, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in TechnipFMC plc ("TechnipFMC" or the "Company") (NYSE: FTI) of the October 2, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in TechnipFMC stock or options between April 27, 2017 and July 24, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/FTI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased TechnipFMC securities between April 27, 2017 and July 24, 2017 (the "Class Period"). The case, Prause v. TechnipFMC, plc et al, No. 4:17-cv-02368 was filed on August 3, 2017, and has been assigned to Judge Alfred H. Bennett.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) the Company 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; (ii) consequently, the Company lacked effective internal controls over financial reporting; and (iii) as a result, the Company's public statements were materially false and misleading.
Specifically, after market close on July 24, 2017, the Company issued a press release and filed a Form 8-K with the Securities and Exchange Commission. Therein, the Company revealed that it would restate its financial statements as of March 31, 2017, as these statements could "no longer be relied upon because of material errors in such financial statements." Furthermore, the Company disclosed that the "errors existed within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects[.]"
On this news, the Company's share price declined, causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding TechnipFMC's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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