SOURCE: Izard Nobel LLP

November 25, 2008 17:48 ET

Izard Nobel LLP Announces Class Action Lawsuit Against McDermott International, Inc.

HARTFORD, CT--(Marketwire - November 25, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of McDermott International, Inc. ("McDermott" or the "Company") (NYSE: MDR) between February 27, 2008 and November 5, 2008, inclusive (the "Class Period").

The Complaint charges that McDermott, an international engineering and construction services company, and certain of its officers and directors violated federal securities laws. Specifically, McDermott concealed 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. As a result, the Company's oil and gas division posted a $19.7 million loss during the third quarter of 2008, resulting from $90 million in contract losses related to delays on the three pipeline contracts. On November 5, 2008, McDermott filed its third quarter 2008 Form 10-Q which illuminated the severity of the production setback and the resulting negative impact to the Company's earnings. On this news, McDermott's stock fell from $15.56 per share on November 5, 2008 to $10.39 per share on November 6, 2008 -- a loss of 33%.

If you are a member of the class, you may, no later than January 19, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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