Cases
Chicago Bridge & Iron Company N.V. (NYSE: CBI)
Securities Class Action
Overview
Overview
- Date:
- 3/10/2017
- Company Name:
- Chicago Bridge & Iron Company N.V.
- Stock Symbol:
- CBI
- Class Period:
- FROM 10/29/2013 TO 12/10/2014
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, March 10, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Chicago Bridge & Iron Company N.V. (NYSE: CBI) securities between October 29,2013 and December 10, 2014 (the “Class Period”).
The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the Company's business, prospects, and financial results. Specifically, the Complaint alleges that Defendants failed to disclose that CB&I was responsible for hundreds of millions of dollars in liability and had improperly accounted for its goodwill during 2013 to cover losses associated with construction delays and cost overruns on the Nuclear Projects. The Complaint further alleges that CB&I failed to establish and disclose an appropriate reserve for this liability in its financial statements and CB&I lacked effective internal controls over financial reporting. As a result of these false statements and/or omissions, CB&I stock traded at artificially inflated prices of more than $87 per share during the Class Period.
On June 17, 2014, Prescience Point issued a report asserting that CB&I had improperly accounted for its goodwill during 2013 to cover losses associated with construction delays and cost overruns on the Nuclear Projects. On this news, the price of CB&I stock dropped more than 8% to close at $68.19 per share. Between June 2014 and December 2014, in response to the disclosure of additional information relating to the status of the Nuclear Projects and who might be liable for the associated cost overruns and project delays, the Company's stock price continued to decline to under $40 per share.
If you purchased or otherwise acquired CB&I 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 during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the Company's business, prospects, and financial results. Specifically, the Complaint alleges that Defendants failed to disclose that CB&I was responsible for hundreds of millions of dollars in liability and had improperly accounted for its goodwill during 2013 to cover losses associated with construction delays and cost overruns on the Nuclear Projects. The Complaint further alleges that CB&I failed to establish and disclose an appropriate reserve for this liability in its financial statements and CB&I lacked effective internal controls over financial reporting. As a result of these false statements and/or omissions, CB&I stock traded at artificially inflated prices of more than $87 per share during the Class Period.
On June 17, 2014, Prescience Point issued a report asserting that CB&I had improperly accounted for its goodwill during 2013 to cover losses associated with construction delays and cost overruns on the Nuclear Projects. On this news, the price of CB&I stock dropped more than 8% to close at $68.19 per share. Between June 2014 and December 2014, in response to the disclosure of additional information relating to the status of the Nuclear Projects and who might be liable for the associated cost overruns and project delays, the Company's stock price continued to decline to under $40 per share.
If you purchased or otherwise acquired CB&I 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.