Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of investors who purchased McDermott International, Inc. (“McDermott” or the “Company”) (NYSE:MDR) common stock between November 6, 2012 and August 5, 2013.
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The complaint alleges that Defendants made false and misleading statements and/or failed to disclose that the Company: (a) was experiencing weaknesses in its project bidding and execution; (b) was engaging in poor risk evaluation; (c) had been experiencing poor project management; and (d) was experiencing material losses in its Middle East, Asia Pacific and Atlantic segments. The complaint further alleges that due to the aforementioned, Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.
On August 5, 2013, McDermott disclosed its second quarter 2013 financial results, noting a substantial decrease in the Company's year-over-year financial results. The Company further stated it was “taking immediate and decisive actions to correct the weakness we have experienced in our project bidding and execution.” Shares of McDermott fell more than 20% the following trading day.
If you suffered a loss in McDermott you have until October 15, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.