Wolf Popper LLP Appointed to Lead Proxy Statement Claims Against McDermott International, Inc.
The U.S. District Court for the Southern District of Texas has appointed Wolf Popper LLP to serve as lead counsel in a securities class action on behalf of all persons and entities that held McDermott International, Inc. (“McDermott”) common stock as of April 4, 2018, and had the right to vote on the Chicago Bridge & Iron Company N.V. (“CB&I”) merger (the “Merger”) pursuant to the Proxy Statement dated March 29, 2018, and were damaged thereby (the “Action”).
McDermott shares closed at $20.70 on May 10, 2018, the closing date of the Merger. On October 30, 2018, after the market closed, McDermott disclosed a $744 million change in the value of certain long-term contracts it had acquired as part of its acquisition of CB&I. As a result of this news, McDermott declined $5.14 per share or approximately 40%, to close at $7.73 per share on October 31, 2018. McDermott shareholders who were entitled to vote on the merger lost approximately two-third of the value of their shares as a consequence of the merger.
The Action alleges that the Proxy Statement contained materially false and misleading statements concerning the Merger and seeks to recover damages for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. The case name and index number of the action is MSPERS v. McDermott International, Inc., et al.; 4:19-cv-135.
Wolf Popper LLP Files Class Action Lawsuit Against McDermott International, Inc.
NEW YORK, January 14, 2019
Wolf Popper LLP has filed a class action lawsuit against McDermott International, Inc. (NYSE: MDR) and certain of its officers, in the United States District Court for the Southern District of Texas (4:19-cv-135) on behalf of all persons and entities that held McDermott common stock as of April 4, 2018, and had the right to vote on the Chicago Bridge & Iron Company N.V. (“CB&I”) merger pursuant to the Proxy Statement dated March 29, 2018, and were damaged thereby (the “Action”). This Action alleges claims for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”).
If you are a member of the Class, subject to Order of the Court, you may file a motion no later than March 15, 2019 to be appointed lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
The claims asserted in this Action are substantially different than the claims asserted in Edwards v. McDermott International, Inc., Case No. 4:18-cv-04330 (S.D. Tex.). Edwards asserts claims on behalf of purchasers of McDermott common stock during the period January 24, 2018 through October 30, 2018, pursuant to Section 10(b) of the Exchange Act, whereas this Action asserts claims on behalf of holders of McDermott common stock as of April 4, 2018, who had the right to vote on the CB&I merger, pursuant to Section 14(a) of the Exchange Act.. The deadline for filing a lead plaintiff motion in Edwards is January 15, 2019.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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