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is investigating claims on behalf of investors of McDermott International, Inc. (“McDermott” or the “Company”) ( NYSE: MDR ). Such investors are advised to 888-476-6529, ext. 9980.
The investigation concerns whether McDermott and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here to join a class action]
On October 30, 2018, after the close of trading, McDermott reported financial results for third quarter 2018 that fell far below analysts’ estimates. McDermott reported revenues of $2.29 billion, compared to midpoint estimates of $2.51 billion, and earnings per share of $0.20, versus midpoint estimates of $0.29. McDermott also reported a $744 million change in the value of certain projects it had acquired from Chicago Bridge & Iron Company, and disclosed plans to sell McDermott’s storage tank business and its U.S. pipe fabrication business, advising investors that those businesses “are not core to the Company’s long-term strategic objectives.”
Following this news, McDermott’s stock price fell $5.14 per share, or nearly 40%, to close at $7.73 per share on October 31, 2018.
888-476-6529 ext. 9980
Related Stocks: McDermott International