Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  McDermott International, Inc.    MDRIQ   PAL1201471A1

MCDERMOTT INTERNATIONAL, INC.

(MDRIQ)
  Report
SummaryQuotesNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news
The feature you requested does not exist. However, we suggest the following feature:

MCDERMOTT INTERNATIONAL, INC. Wolf Haldenstein Adler Freeman & Herz LLP announces that it filed a securities class action lawsuit in the United States District Court for the Southern District of Texas against McDermott International, Inc. President, Chief Executive Officer and Board Member David Dickson, Former Executive Vice President and Chief Financial Officer Stuart A. Spence, and Executive Vice President and Chief Financial Officer Christopher A. Krummel

share with twitter share with LinkedIn share with facebook
07/27/2020 | 04:01pm EDT

NEW YORK and SAN DIEGO, July 27, 2020 /PRNewswire/ -- July 27, 2020 - Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that it filed the initial federal securities class action lawsuit in the United States District Court for the Southern District of Texas, Houston Division  on behalf of investors that purchased or otherwise acquired McDermott International, Inc. (MDRIQ) securities between September 20, 2019 and January 23, 2020, both days inclusive (the "Class Period").

This action is styled John Arden Ahnefeldt, Robert Brower, Jr., Robert Brower, Sr., Khanh L. Bui, Jignesh Chandarana, Krutika Chandarana, Amira Yousuf Chowdhury, Christopher Coligado, Daniel Gad, Edwin Howell, Sioe Lie Howell, Darren Hunting, Anne Ingledew, Shital Mehta, Thomas Carl Rabin, Adam Shultz, Amit Somani, Jayaprakash Srinivasan, Aarthi Srinivasan, Christopher Swedlow, and Alexandre Tazi v. David Dickson, Stuart A. Spence, and Christopher A. Krummel; 4:20-cv-02539 (S.D. TX).

Investors who purchased McDermott International, Inc. securities during the Class Period and suffered losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain a copy of the filed complaint and additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in McDermott International, Inc. securities purchased during the Class Period, you may, no later than September 16, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in McDermott International, Inc.

## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##

McDermott International, Inc. ("McDermott" or the "Company") provides engineering, project management, and facility management services to a variety of customers in the energy and power industries.

On September 20, 2019, McDermott announced in a press release its recent receipt of unsolicited approaches to acquire Lummus Technology, McDermott's industry leading technology business with a valuation exceeding $2.5 billion.  McDermott told investors that it was "exploring strategic alternatives to unlock the value of Lummus Technology," that the "process of exploring strategic alternatives is part of our ongoing efforts intended to improve McDermott's capital structure," and "we plan to use the proceeds from any transaction involving Lummus Technology to strengthen our balance sheet."  These disclosures received widespread attention and the price for McDermott common stock increased 50% in premarket trading to close on that day at $2.01 per share, up 27.22%.

The disclosures were materially misleading.  There was not any plan for a near-term sale of Lummus Technology to strengthen McDermott's balance sheet.  The disclosures were made as part of a scheme to artificially inflate the market price of McDermott's common stock, calm the market and allow the Company to negotiate a prepackaged Chapter 11 bankruptcy restructuring plan.

On January 21, 2020, the truth emerged when McDermott announced its entry of a Restructuring Support Agreement in connection with a Joint Prepackaged Chapter 11 Plan of Reorganization.  After the announcement, trading of McDermott common stock was halted.  When it resumed, the price for McDermott common stock plummeted to close at $0.12 per share.

Plaintiffs seek to recover damages on behalf of all purchasers of McDermott publicly traded securities during the Class Period.  Plaintiffs are represented by Wolf Haldenstein Adler Freeman & Herz LLP. 

Wolf Haldenstein, with offices in New York, Chicago and San Diego, is a nationally recognized firm specializing in the prosecution of securities, antitrust, and consumer fraud actions.  Wolf Haldenstein's reputation and expertise in class action litigation has been repeatedly recognized by courts across the country, and the firm has achieved over $7 billion in recoveries for shareholders.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via email at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Malcolm T. Brown, Esq., Thomas H. Burt, Esq.
Email: gstone@whafh.com, brown@whafh.com, burt@whafh.com, or classmember@whafh.com 
Tel: (800) 575-0735 or (212) 545-4774

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/mcdermott-international-inc-investor-alert-wolf-haldenstein-adler-freeman--herz-llp-announces-that-it-filed-a-securities-class-action-lawsuit-in-the-united-states-district-court-for-the-southern-district-of-texas-against-mcder-301100441.html

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP


© PRNewswire 2020
share with twitter share with LinkedIn share with facebook
Latest news on MCDERMOTT INTERNATIONAL, I
07/27MCDERMOTT INTERNATIONAL, INC. Wolf Haldenstein Adler Freeman & Herz LLP annou..
PR
07/25MCDERMOTT INTERNATIONAL : ROSEN, TRUSTED INVESTOR COUNSEL, Announces Filing of S..
PR
05/04MCDERMOTT INTERNATIONAL : Freeport LNG Train 3 Begins Commercial Operation
PU
01/22MCDERMOTT INTERNATIONAL INC : Entry into a Material Definitive Agreement, Bankru..
AQ
01/21MCDERMOTT INTERNATIONAL : Announces Comprehensive Prepackaged Restructuring Tran..
AQ
01/21MCDERMOTT INTERNATIONAL INC : Entry into a Material Definitive Agreement, Change..
AQ
01/21MCDERMOTT INTERNATIONAL, INC. : Announces Comprehensive Prepackaged Restructurin..
PR
01/20MCDERMOTT INTERNATIONAL INC. : - Freeport LNG Train 2 Begins Commercial Operatio..
AQ
01/17MCDERMOTT INTERNATIONAL : Freeport LNG Train 2 Begins Commercial Operation
PR
01/15MCDERMOTT INTERNATIONAL INC : Entry into a Material Definitive Agreement, Other ..
AQ
More news
Financials (USD)
Sales 2019 8 431 M - -
Net income 2019 -2 909 M - -
Net Debt 2019 4 756 M - -
P/E ratio 2019 -0,04x
Yield 2019 -
Capitalization 13,9 M 13,9 M -
EV / Sales 2018 0,62x
EV / Sales 2019 0,58x
Nbr of Employees 42 600
Free-Float 98,3%
Chart MCDERMOTT INTERNATIONAL, INC.
Duration : Period :
McDermott International, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Managers
NameTitle
David Dickson President, Chief Executive Officer & Director
Gary P. Luquette Non-Executive Chairman
Christopher Alan Krummel Chief Financial Officer & Executive Vice President
John F. Bookout Independent Director
Mary L. Shafer-Malicki Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
MCDERMOTT INTERNATIONAL, INC.-89.36%14
SCHLUMBERGER LIMITED-52.16%25 985
HALLIBURTON COMPANY-40.62%12 764
BAKER HUGHES COMPANY-36.83%10 258
DIALOG GROUP6.38%4 802
NATIONAL OILWELL VARCO, INC.-53.09%4 500