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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 September 20, 2019 and January 23, 2020. The action, which was filed in the United States District Court for the Southern District of Texas, alleges that the Company’s President, Chief Executive Officer and Board Member David Dickson, its Former Executive Vice President and Chief Financial Officer Stuart A. Spence, and its Executive Vice President and Chief Financial Officer Christopher A. Krummel violated federal securities laws.
In particular, the McDermott lawsuit alleges that these officers made, and caused McDermott to make, materially false and/or misleading statements and/or failed to disclose material facts regarding the Company’s sale of its asset Lummus Technology. Plaintiffs allege that these statements were made with the intent to conceal the acute liquidity crisis McDermott actually faced, to provide the Company time to prepare a prepackaged plan of reorganization with its secured lenders and other stakeholders, and to avoid a freefall Chapter 11 filing.
Shareholders have until September 16, 2020 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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