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Lawsuit filed for Investors in shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ)

07-28-2020 08:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) shares.

A lawsuit was filed on behalf of investors in McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) shares.

An investor, who purchased shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ), filed a lawsuit over alleged violations of Federal Securities Laws by McDermott International, Inc.

Investors, who purchased a significant amount of shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) between September 20, 2019 and January 23, 2020, have certain options and for certain investors are short and strict deadlines running. Deadline: September 16, 2020. NYSE: MDR, OTC: MDRIQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Houston, TX based McDermott International, Inc. provides engineering, procurement, construction and installation, front-end engineering and design, and module fabrication services for upstream field developments.

On September 20, 2019, McDermott International, Inc announced its recent receipt of unsolicited approaches to acquire Lummus Technology, McDermott's industry leading technology business with a valuation exceeding $2.5 billion. McDermott International, Inc 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."

The plaintiff alleges that the disclosures were materially misleading. The plaintiff claims that there was not any plan for a near-term sale of Lummus Technology to strengthen McDermott's balance sheet and that 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, 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.

Once trading resumed, shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) declined to $0.0141 per share on January 23, 2020, respectively $0.01 per share on May 20, 2020.

The plaintiff claims that between September 20, 2019 and January 23, 2020, the defendants violated the federal securities laws by failing to disclose that they knowingly and/or recklessly made, and caused McDermott to make, materially false and misleading statements, and/or omit material facts regarding the sale of Lummus Technology, an asset of McDermott. 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.

Those who purchased shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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