The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Chicago Bridge & Iron Company N.V. (NYSE: CBI) who purchased shares between October 29, 2013 and December 10, 2014. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (i) Chicago Bridge was responsible for hundreds of millions of dollars in liability and had improperly accounted for its goodwill during 2013 to cover losses associated with construction delays and cost overruns on contracts to complete construction on two new nuclear power plants; (ii) the Company failed to establish and disclose an appropriate reserve for this liability in its financial statements; and (iii) the Company lacked effective internal controls over financial reporting.
Shareholders have until May 1, 2017 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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