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McDermott International, Inc. (NYSE: MDR) Investor Securities Class Action Lawsuit 11/16/2018

  • If you purchased shares of McDermott International, Inc. (NYSE: MDR), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
McDermott International
Security
NYSE: MDR

Case Name
McDermott International Shareholder Class Action Lawsuit 11/16/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

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Summary

March 31, 2021 - The court denied the defendants' motion to dismiss.

January 30, 2020 - A motion to dismiss the amended complaint was filed.

January 22, 2020 - A suggestion of bankruptcy and notice of automatic stay of proceedings was filed.

September 19, 2019 - An amended complaint was filed.

November 15, 2018 - An investor in shares of McDermott International, Inc. (NYSE: MDR) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by McDermott International, Inc. in connection with certain allegedly false and misleading statements made between January 24, 2018 and October 30, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of McDermott International, Inc. (NYSE: MDR) common shares between January 24, 2018 and October 30, 2018, that the defendants violated Federal Securities Laws.

More specifically, 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. McDermott International, Inc. reported that its annual Total Revenue rose from over $2.63 billion in 2016 to over $2.98 billion in 2017 and that its Net Income increased from $34.11 million in 2016 to $178.54 million in 2017. Shares of McDermott International, Inc. (NYSE: MDR) reached as high as $27.06 per share in January 2018.

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.” Shares of McDermott International, Inc. (NYSE: MDR) declined to as low as $6.97 per share on October 31, 2018.