Cases
Babcock & Wilcox Enterprises, Inc. (NYSE: BW)
Securities Class Action
Overview
Overview
- Date:
- 3/8/2017
- Company Name:
- Babcock & Wilcox Enterprises, Inc.
- Stock Symbol:
- BW
- Class Period:
- FROM 7/1/2015 TO 2/28/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Western District of North Carolina
NEW YORK, March 8, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired Babcock & Wilcox Enterprises, Inc. (NYSE: BW) securities between July 1, 2015 and February 28, 2017 (the “Class Period”). Investors have until May 2, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, the Company was experiencing significant, undisclosed problems in its Renewable segment. On June 28, 2016, Defendants disclosed issues with a single project in the Renewable business. However, the Complaint alleges they failed to disclose that similar problems were significantly and negatively impacting other projects in the Company’s Renewable segment.
On February 28, 2017, Babcock & Wilcox announced its fourth quarter and full year 2016 financial results, announcing it lost $71.6 million or $1.47 per share in the fourth quarter. The Company also announced it took charges in the fourth quarter of 2016 resulting from its Renewable business, which reduced margins, and increased its contingencies for several of its Renewable projects.
Following this news, B&W shares declined $6.17 per share, or over 37.3%, on March 1, 2017 to close at $10.33.
If you purchased or otherwise acquired B&W securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, the Company was experiencing significant, undisclosed problems in its Renewable segment. On June 28, 2016, Defendants disclosed issues with a single project in the Renewable business. However, the Complaint alleges they failed to disclose that similar problems were significantly and negatively impacting other projects in the Company’s Renewable segment.
On February 28, 2017, Babcock & Wilcox announced its fourth quarter and full year 2016 financial results, announcing it lost $71.6 million or $1.47 per share in the fourth quarter. The Company also announced it took charges in the fourth quarter of 2016 resulting from its Renewable business, which reduced margins, and increased its contingencies for several of its Renewable projects.
Following this news, B&W shares declined $6.17 per share, or over 37.3%, on March 1, 2017 to close at $10.33.
If you purchased or otherwise acquired B&W securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.