A lawsuit was filed on behalf of investors in McDermott International, Inc. (NYSE: MDR) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/03/2018 -- An investor, who purchased shares of McDermott International, Inc. (NYSE: MDR), filed a lawsuit over alleged violations of Federal Securities Laws by McDermott International, Inc.
Investors who purchased shares of McDermott International, Inc. (NYSE: MDR) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between January 24, 2018 and October 30, 2018, the Defendants failed to disclose to investors that the Company was facing strong headwinds and would fail to meet revenue and earnings estimates, that there were material problems with the integration of the CB&I business, that certain CB&I projects were reasonably likely to incur higher costs, that, as a result, the fair value of these CB&I projects would be materially impacted, and that that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations
Houston, TX based McDermott International, Inc. provides engineering, procurement, construction and installation, front-end engineering and design, and module fabrication services for upstream field developments. On October 30, 2018, after the close of trading, McDermott International, Inc. reported financial results for third quarter 2018 that fell far below analysts' estimates. McDermott International, Inc. reported revenues of $2.29 billion, compared to midpoint estimates of $2.51 billion, and earnings per share of $0.20, versus midpoint estimates of $0.29. McDermott International, Inc. also reported a $744 million change in the value of certain projects it had acquired from Chicago Bridge & Iron Company ("CB&I"). And, McDermott International, Inc. further disclosed plans to sell McDermott's storage tank business and its U.S. pipe fabrication business, as those businesses, "are not core to the Company's long term strategic objectives."
Those who purchased shares of McDermott International, Inc. (NYSE: MDR) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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