Certain officers of McDermott are facing a class action lawsuit alleging that they causes the Company to make materially false and/or misleading statements and/or failed to disclose material facts regarding the Company's sale of its asset Lummus Technology. Plaintiffs allege that 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.
If you incurred a loss on MDR stocks purchased between September 20, 2019 and January 23, 2020, this lawsuit is on your behalf. The lawsuit was filed in the the United States District Court for the Southern District of Texas, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until September 16, 2020 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.