The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of Texas on behalf of shareholders of McDermott International, Inc. who purchased shares between September 20, 2019 and January 23, 2020.
The class action, which was filed against McDermott International, Inc.'s President, Chief Executive Officer and Board Member David Dickson, its Former Executive Vice President and Chief Financial Officer Stuart A. Spence, and its Executive Vice President and Chief Financial Officer Christopher A. Krummel, alleges that defendants made materially false and/or misleading statements and/or failed to disclose material facts regarding the Company's sale of its asset Lummus Technology. According to the complaint, these statements were made with the intent to conceal the acute liquidity crisis McDermott actually faced, to provide the Company time to prepare a prepackaged plan of reorganization with its secured lenders and other stakeholders, and to avoid a freefall Chapter 11 filing.
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 the respective securities during the class periods. 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. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 16, 2020 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.