Wolf Popper LLP, on behalf of its client which has been appointed the Lead Plaintiff, has been appointed by the Court to lead the litigation brought under §14(a) of the Exchange Act against the defendants in 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% that day, 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 litigation 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.
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