|[September 21, 2013]
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against McDermott International, Inc.
BENSALEM, Pa. --(Business Wire)--
Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of Texas on behalf of a class (the "Class") comprising all purchasers of
the common stock of McDermott International, Inc. ("McDermott" or the
"Company") (NYSE:MDR) between November 6, 2012 and August 5, 2013,
inclusive (the "Class Period").
McDermott is focused on designing and executing complex offshore oil and
gas projects worldwide. The Complaint alleges that during the Class
Period defendants issued false and misleading statements or failed to
disclose that: (1) the Company was experiencing weaknesses in its
project bidding and execution; (2) the Company was engaging in poor risk
evaluation; (3) the Company had been experiencing poor project
management; (4) the Company was experiencing material losses in its
Middle East, Asia Pacific and Atlntic segments; and (5) based upon the
foregoing, the defendants lacked a reasonable basis for their positive
statements about the Company during the Class Period.
On August 5, 2013 the Company reported a substantial decrease in the
Company's second quarter year-over-year financial results, which it
attributed to poor performance of several projects in the Middle East
and Asia Pacific segment, and also disclosed it was taking action to
correct "weaknesses" in its project bidding and execution.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased McDermott common stock during the Class Period, you have
certain rights, and have until October 15, 2013 to move for lead
plaintiff status. To be a member of the class you need not take any
action at this time or you may retain counsel of your choice. If you
purchased McDermott shares prior to the Class Period and have any
questions concerning this Notice or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire, of
Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888)
638-4847, or by email to email@example.com,
or visit our website at http://www.howardsmithlaw.com.
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