SOURCE: Brower Piven, A Professional Corporation

November 26, 2008 14:06 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in McDermott International Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 20, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - November 26, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of McDermott International Inc. ("McDermott" or the "Company") (NYSE: MDR) during the period between February 27, 2008 and November 5, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 20, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The Complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that its three large, ongoing construction contracts for the installation of marine oil and gas pipelines off the coast of Qatar were substantially delayed and that the delays caused the Company to incur major losses on those contracts. According to the complaint, after the Company disclosed the severity of the production setback and the resulting negative impact to the Company's earnings on November 5, 2008 when the Company filed its third quarter 2008 Form 10-Q with the SEC, the value of McDermott's shares declined substantially.

If you have suffered a net loss for all transactions in McDermott International Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact