Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of McDermott International, Inc. (“McDermott” or the “Company”) (NYSE: MDR) common stock during the period between November 6, 2012 and August 5, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in McDermott International, Inc. common stock purchased on or after November 6, 2012, and held through the revelation of negative information on August 5, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 15, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was experiencing weaknesses in its project bidding and execution and material losses in its Middle East, Asia Pacific and Atlantic segments. According to the complaint, after the Company’s August 5, 2013 announcement of lower second quarter financial and operating results for the quarter ending June 30, 2013 and poor performance of several significant projects in the Middle East and Asia Pacific segment, that it was taking immediate action to correct “weaknesses” in its “project bidding and execution,” and, with no explanation, the retirement of the Company’s Executive Vice President and Chief Operating Officer, John T. McCormack, in quarter four of 2013 after being with the Company ten years, the value of McDermott shares declined significantly.