Lawsuit filed for Investors in shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ)
A lawsuit was filed on behalf of investors in McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) shares.
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 email@example.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.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
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.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Lawsuit filed for Investors in shares of McDermott International, Inc. (NYSE: MDR) (OTC: MDRIQ) here
News-ID: 2098359 • Views: 954
More Releases from Shareholders Foundation
Investigation for Long-Term Investors in Ebix, Inc. (NASDAQ: EBIX) announced
An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Ebix, Inc.. Investors who are current long term investors in Ebix, Inc. (NASDAQ: EBIX) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554. The investigation by a law firm for current long term investors in NASDAQ: EBIX stocks follows a lawsuit filed against Ebix, Inc. over
Deadline May 31st coming up in Lawsuit for Investors in SOS Limited (NYSE: SOS)
A deadline is coming up on May 31, 2021 in the lawsuit filed for certain investors of SOS Limited (NYSE: SOS). Investors who purchased shares of SOS Limited (NYSE: SOS) have certain options and there are strict and short deadlines running. Deadline: May 31, 2021. SOS Limited (NYSE: SOS) stockholders should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554. According to the complaint filed in the U.S. District
Investigation announced for NYSE: DNMR Investors over possible Wrongdoing at Dan …
An investigation was announced over potential breaches of fiduciary duties by certain directors at Danimer Scientific, Inc. Investors who purchased shares of Danimer Scientific, Inc. (NYSE: DNMR) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554. The investigation by a law firm concerns whether certain Danimer Scientific, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders. Bainbridge, GA based
Investigation announced for Long-Term Investors in shares of Sonic Automotive, I …
Certain directors of Sonic Automotive, Inc are under investigation over potential breaches of fiduciary duties. Investors who purchased shares of Sonic Automotive, Inc. (NYSE: SAH) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554. The investigation by a law firm concerns whether certain Sonic Automotive, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders. Charlotte, NC based Sonic Automotive,
More Releases for McDermott
Offshore Pipeline Market 2020: Key Players – Saipem, Subsea 7, McDermott Inter …
Offshore Pipeline Industry Description Wiseguyreports.Com Adds “Offshore Pipeline -Market Demand, Growth, Opportunities and Analysis Of Top Key Player Forecast To 2025” To Its Research Database The Offshore Pipeline market report is a historical overview and in-depth research of the current and future market of the Offshore Pipeline industry. The study offers a detailed analysis of the Offshore Pipeline market share, the competitor segment with the basic introduction of leading companies, top regions, product
Offshore Pipeline Market Outlook: Poised For a Strong 2020 | Saipem, McDermott, …
An Offshore pipeline, is also known as Submarine pipelines, it is a pipeline that is placed on the seabed or below the sea inside a trench or mostly on-land but in places which crosses water expanses in order to carry oil or gases across. These pipelines are made of strong structures so that they could be able to withstand the harshest environments, and ensure that production is not interrupted and
Low Pressure Storage Tanks Market Growth Analysis (2019-2025)| KNM Group, Cryofa …
The research study is a compilation of incisive insights about key aspects of the global Low Pressure Storage Tanks market influencing its growth during the course of the forecast period 2019-2025. It shows how the sales of various types of products offered in the global Low Pressure Storage Tanks market are increasing or declining in different regions and countries. The regional study provided in the report includes a brilliant assessment
Global Offshore Support Vessels Operation Market 2025 by Players - Siem Offshore …
"The Latest Research Report Global Offshore Support Vessels Operation Market Size, Status and Forecast 2025 provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. - MarketResearchReports.biz" This report studies the global Offshore Support Vessels Operation market, analyzes and researches the Offshore Support Vessels Operation development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players
Appointment of Dr. Margaret McDermott as Vice Chair of CONTESA
14th September 2010: CONTESA a UK registered charity that supports Aids orphans in Zambia, has today announced the appointment of Dr Margaret McDermott to a new post of Vice Chair of CONTESA. The CONTESA board of Trustees recognised that due to the expansion of activities and programmes run and funded by the charity that they have been presented with a number of new challenges. The recent registration of CONTESA
Private Investigators Find Olivia Newton John’s missing ex-boyfriend Patrick M …
Private investigators claim to have tracked down the whereabouts of Olivia Newton John’s missing ex-boyfriend Patrick McDermott and say that he is very much alive after he disappeared in 2005. Olivia Newton John’s former partner, who it was believed drown whilst on a fishing trip 4 years ago, is said to be alive and living on a boat in the South American coast. A team of American private investigators claim to have