TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

McDermott International (NYSE: MDR) Investor Securities Class Action Lawsuit 11/17/2008

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

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
McDermott International
Security
NYSE: MDR

Case Name
McDermott International Shareholder Class Action Lawsuit 11/17/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to McDermott International.
Summary

February 28, 2011 - The case was dismissed.

March 26, 2010 - The court granted the defendants' motion to dismiss.

July 1, 2009 - A motion to dismiss the amended consolidated complaint was filed..

May 22, 2009 - An amended consolidated complaint was filed.

April 14, 2009 - The case was transferred to the U.S. District Court for the Southern District of Texas.

November 17, 2008 - An investor in shares of McDermott International Inc (NYSE: MDR) filed a lawsuit in U.S. District Court for the Southern District of New York against McDermott International Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 27, 2008 and November 5, 2008.

According to the complaint the plaintiff alleges that McDermott International Inc and two individual defendants, including former Chief Executive Officer Bruce W. Wilkinson, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by concealing from investors, between February 27, 2008 and November 5, 2008, that its three large, ongoing construction contracts for the installation of marine oil and gas pipelines off the coast of Qatar were substantially delayed and that the delays caused McDermott International Inc to incur major losses on those contracts.

As a result, plaintiffs said, McDermott International Inc’s oil and gas division posted a $19.7 million loss during the third quarter of 2008, resulting from $90 million in contract losses related to delays on the three pipeline contracts. Investors finally learned of the severity of the production setback and the resulting negative impact to the Company’s earnings on November 5, 2008 when McDermott International Inc filed its third quarter 2008 Form 10-Q with the SEC and as a result to this news McDermott International Inc’s (NYSE: MDR) stock price declined from $15.56 per share at close on November 5, 2008 to $10.39 per share at close on November 6, 2008 - a loss of $5.17 per share, or 33%, so the lawsuit.