This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Law Offices Of Nicholas Koluncich III, LLC Announces Investigation Of McDermott International, Inc.

The Law Offices of Nicholas Koluncich III, LLC is investigating possible breaches of fiduciary duty by the Board of Directors of McDermott International, Inc. (NYSE: MDR) (“McDermott,” “the Company” or “MDR”) relating to its recent disclosure of materially adverse financial results for the last fiscal quarter. If you own or owned McDermott shares or have any questions concerning your rights or interests with respect to MDR, please contact The Law Offices of Nicholas Koluncich III, LLC. In summary, McDermott’s August 5, 2013 Press Release and Quarterly Report on Form 10-Q, filed with the SEC, disclosed a $0.63 loss per fully diluted share. This adverse information, following as it did positive net income figures for the previous quarter, precipitated a 20% decline in share price in the next two trading days. This loss has yet to be fully recovered. This decline followed MDR’s announcement of:

  • “weakness … in [MDR’s] project bidding and execution;”
  • management “problems” and “issues;”
  • substantial restructuring costs for its Atlantic operations; and
  • “operating losses in its Middle East, Asia Pacific segments.”

The “retire[ment]” of MDR’s COO, John T. McCormack, was also announced at the time, but in a separate press release. Lawsuits have been filed which may affect your rights as a MDR shareholder. The lawsuits allege, in summary, that McDermott insiders made false and misleading statements and/or failed to disclose the problems specified above. To participate or to have your voice heard in a lawsuit concerning these adverse disclosures or to discuss this matter with an attorney at no cost to you, you are encouraged to swiftly contact us at the telephone number below.

If you own McDermott shares or have any questions concerning your rights or interests with respect to the MDR lawsuit, please contact The Law Offices of Nicholas Koluncich III, LLC. The initial attorney consultation is free of charge and all information shall be treated as attorney client privileged and confidential. Although the outcome of litigation is never assured, as a McDermott shareholder, you may be eligible for some form of financial recovery.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs