The Law Offices of Nicholas Koluncich III, LLC Announces Investigation of McDermott International, Inc.
ALBUQUERQUE, N.M.–(BUSINESS WIRE)–
The Law Offices of Nicholas Koluncich III, LLC is investigating possible breaches of fiduciary duty by the Board of Directors of McDermott International, Inc. (MDR) (“McDermott,” “the Company” or “MDR”) relating to its recent disclosure of materially adverse financial results for the last fiscal quarter. If you own or owned McDermott shares or have any questions concerning your rights or interests with respect to MDR, please contact The Law Offices of Nicholas Koluncich III, LLC. In summary, McDermott’s August 5, 2013 Press Release and Quarterly Report on Form 10-Q, filed with the SEC, disclosed a $0.63 loss per fully diluted share. This adverse information, following as it did positive net income figures for the previous quarter, precipitated a 20% decline in share price in the next two trading days. This loss has yet to be fully recovered. This decline followed MDR’s announcement of:
- “weakness … in [MDR’s] project bidding and execution;”
- management “problems” and “issues;”
- substantial restructuring costs for its Atlantic operations; and
- “operating losses in its Middle East, Asia Pacific segments.”
The “retire[ment]” of MDR’s COO, John T. McCormack, was also announced at the time, but in a separate press release. Lawsuits have been filed which may affect your rights as a MDR shareholder. The lawsuits allege, in summary, that McDermott insiders made false and misleading statements and/or failed to disclose the problems specified above. To participate or to have your voice heard in a lawsuit concerning these adverse disclosures or to discuss this matter with an attorney at no cost to you, you are encouraged to swiftly contact us at the telephone number below.
If you own McDermott shares or have any questions concerning your rights or interests with respect to the MDR lawsuit, please contact The Law Offices of Nicholas Koluncich III, LLC. The initial attorney consultation is free of charge and all information shall be treated as attorney client privileged and confidential. Although the outcome of litigation is never assured, as a McDermott shareholder, you may be eligible for some form of financial recovery.
The Law Offices of Nicholas Koluncich III, LLC
6501 Americas Parkway NE
One Park Square – Suite 820
Albuquerque, NM 87110
FAX (505) 881-4288
The Law Offices of Nicholas Koluncich III, LLC has been representing individual and institutional investors for over a decade, serving as counsel in numerous securities and derivative litigations in U.S. federal and state courts.
Nicholas Koluncich, 505-881-2228