SOURCE: Kahn Swick & Foti, LLC

August 16, 2013 22:00 ET

MCDERMOTT SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors with Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against McDermott International Inc. - MDR

NEW ORLEANS, LA--(Marketwired - Aug 16, 2013) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 15, 2013 to file lead plaintiff applications in a securities class action lawsuit against McDermott International Inc. (NYSE: MDR), if they purchased the Company's securities during the period between November 6, 2012 and August 5, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Texas.

What You May Do

If you purchased shares of McDermott and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 15, 2013.

About the Lawsuit

McDermott and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws. 

On August 5, 2013, McDermott reported its second quarter 2013 financial results, disclosing that it experienced a substantial decrease in the Company's year-over-year financial results with revenues of $647.3 million compared to $889.2 million in the corresponding period of 2012 and an operating loss of $149.5 million compared to operating income of $79.4 million in the 2012 second quarter. The Company stated that it was "taking immediate and decisive actions to correct the weakness we have experienced in our project bidding and execution."

On this news, McDermott's stock price fell over 20%.

About Kahn Swick & Foti, LLC

To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.

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