FOR IMMEDIATE RELEASE: December 8, 2008
Labaton Sucharow Files Class Action Lawsuit Against McDermott International, Inc.
Labaton Sucharow filed a class action lawsuit on December 5, 2008 in the United States District Court for the Southern District of New York, on behalf of all purchasers of the securities of McDermott International, Inc. (“McDermott” or the “Company”) (NYSE: MDR) between February 27, 2008 and November 5, 2008, inclusive. The lawsuit was filed against McDermott and certain officers and directors (“Defendants”).
If you bought McDermott securities anytime between February 27, 2008 through and including November 5, 2008, and would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact Alan Ellman, Esq at (800)-321-0476 or (212) 907-0700, or via e-mail at firstname.lastname@example.org. Lead Plaintiff motion papers must be filed with the United States District Court for the Southern District of New York no later than January 20, 2009. A lead plaintiff is a court-appointed representative for absent class members. You do not need to seek appointment as lead plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action.
If you are a member of this class you can view a copy of the complaint and participate in this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm
This action seeks to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). Specifically, the complaint alleges that Defendants concealed from investors that its three large, ongoing construction contracts for the installation of marine oil and gas pipelines off the coast of Qatar were substantially delayed and that the delays caused the Company to incur major losses on those contracts. As a result, McDermott’s oil and gas division posted a $19.7 million loss during Q3’08, resulting from $90 million in contract losses related to delays on the three pipeline contracts. McDermott’s stock price plunged 33% on the news, to $10.39 per share, a loss of $5.17 per share.
More information about Labaton Sucharow is available at www.labaton.com.