The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of McDermott International, Inc. (NYSE: MDR) who purchased shares between January 24, 2018 and October 30, 2018. The action, which was filed in the United States District Court for the Southern District of Texas, alleges that the Company violated federal securities laws.
In particular, the McDermott lawsuit alleges that (1) the Company was facing strong headwinds and would fail to meet revenue and earnings estimates; (2) there were material problems with the integration of the CB&I business; (3) certain CB&I projects were reasonably likely to incur higher costs; (4) as a result, the fair value of these CB&I projects would be materially impacted; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until January 15, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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