A Deadline is coming up on October 15, 2013 in the lawsuit for investors in McDermott International (NYSE:MDR) and NYSE:MDR stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 10/08/2013 -- A deadline is coming up on October 15, 2013 in the lawsuit filed for investors of McDermott International (NYSE:MDR) over alleged violations of Federal Securities Laws by McDermott International.
Investors with a substantial investment in McDermott International (NYSE:MDR) shares between November 6, 2012 and August 5, 2013.should get active before the Deadline that is coming up on October 15, 2013, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges on behalf of purchasers of McDermott International (NYSE:MDR) between November 6, 2012 and August 5, 2013, that McDermott International and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically , the plaintiff alleges that the Defendants made false and misleading statements and/or failed to disclose that McDermott International was experiencing weaknesses in its project bidding and execution, that McDermott International was engaging in poor risk evaluation, that McDermott International had been experiencing poor project management, that McDermott International was experiencing material losses in its Middle East, Asia Pacific and Atlantic segments, and that based upon the above, the Defendants lacked a reasonable basis for their positive statements about McDermott International between November 6, 2012 and August 5, 2013.
On August 5, 2013, McDermott International reported its second quarter 2013 financial results. McDermott International reported that its second quarter Revenue declined from $889.25 million in 2012 to $647.25 million in 2013 and that its second quarter Net Income of $52.74 million in 2012 turned into a second quarter Net Loss of $149.42 million in 2013.
Shares of McDermott International (NYSE:MDR) declined from $8.73 per share on August 2, 2013, to $6.70 on August 7, 2013.
On Oct. 7, 2013, NYSE:MDR shares closed at $7.28 per share.
Those who purchased shares of McDermott International have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego