STEVENSON, Md., April 03, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Western District of North Carolina on behalf of purchasers of Babcock & Wilcox Enterprises, Inc. (NYSE: BW ) (“Babcock” or the “Company”) common stock during the period between July 1, 2015 and February 28, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 2, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Babcock common stock during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Babcock’s renewable business had productivity and scheduling issues, which decreased profit margins and worsened financial performance, suffered from problematic on-site project management and a lack of resources in engineering and project management groups, which resulted in overly aggressive project bidding, project delays, and engineering errors, and the Company lacked adequate project management processes in its renewable business, which negatively impacted performance on key projects from bidding through execution.
According to the complaint, following a June 28, 2016 press release announcing a restructuring of the European renewable business and a February 28, 2017 press release announcing the fourth quarter results and providing new guidance, the value of Babcock shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Babcock common stock purchased on or after July 1, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
