NEW YORK, Jan. 05, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of McDermott International, Inc. (“McDermott” or the “Company”) (NYSE: MDR). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether McDermott and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 30, 2018, after the close of trading, McDermott reported financial results for third quarter 2018 that fell far below analysts’ estimates. McDermott 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 also reported a $744 million change in the value of certain projects it had acquired from Chicago Bridge & Iron Company, and disclosed plans to sell McDermott’s storage tank business and its U.S. pipe fabrication business, advising investors that those businesses “are not core to the Company’s long-term strategic objectives.”
Following this news, McDermott’s stock price fell $5.14 per share, or nearly 40%, to close at $7.73 per share on October 31, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 888-476-6529 ext. 9980
