Finkelstein Thompson LLP is currently investigating McDermott International, Inc. (“MDR”)(NYSE: MDR) after the Company announced markedly reduced third quarter earnings due to newly revealed issues with the Offshore Oil & Gas Construction segment’s construction projects located in the Middle East. In response to this announcement made on November 5, 2008, Company shares dropped almost 40%.
The Company and certain officers allegedly knew that these construction projects were substantially delayed and could not be completed without a negative effect on the margins, yet failed to disclose information. Only after the newly appointed Chief Executive Officer launched an investigation of these contracts did the Company reveal the projects’ substantial delay in conjunction with its third quarter earnings. The Company’s share price dropped substantially in response to this news – from $17.28 on November 4, 2008 to $10.39 on November 6, 2008.
If you are interested in discussing your rights as a MDR shareholder, or have information relating to this investigation, please contact Finkelstein Thompson’s Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
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