SAN FRANCISCO, April 17, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Chicago Bridge & Iron Company N.V. (NYSE: CBI ) of the May 1, 2017 Lead Plaintiff deadline in the pending securities class action.
If you purchased or otherwise acquired securities of CBI between October 29, 2013 and December 10, 2014 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/CBI
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing CBI@hbsslaw.com .
The securities class action concerns the Company’s February 2013 acquisition of - and related accounting for - a business known as The Shaw Group. When CBI purchased Shaw, CBI acquired purportedly high-value contracts to complete construction of new nuclear power plants including Plant Vogtle.
On June 17, 2014, Prescience Point issued a report entitled “Acquisition Accounting Gone Nuclear” concluding that Defendants misstated the Company’s previously reported balance sheet, income from operations and earnings per share through inappropriate acquisition accounting for Shaw. This news drove the price of CBI shares down over 8% to close at $68.26 that day.
On December 10, 2014, TradeFair Group reported that longer delays are likely for the Vogtle reactors. Between December 7, 2014 and December 12, 2014, as the market digested this information, the price of CBI’s shares fell almost 15% to close at $39.14 on December 12.
“We’re focused on what may be serious violations of generally accepted accounting principles in connection with the Company’s business combination with Shaw that, if true, had a material impact on CBI’s financial condition,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding CBI should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CBI@hbsslaw.com .
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
