McDermott Moves To Nix Stock-Drop Suit Over CB&I Merger
Law360 (January 31, 2020, 4:01 PM EST) -- McDermott International Inc. told a Texas federal judge that a stock-drop suit over its acquisition of Chicago Bridge & Iron Co. fails for a variety of reasons, including its "utterly nonsensical" allegations that the company intended to mislead investors.
The oilfield construction company on Thursday motioned for dismissal of a putative securities class action alleging it concealed material problems with the integration of CB&I's business and the likelihood that its projects would incur higher-than-expected costs.
McDermott contends that the complaint essentially claims CB&I misled the public about $1 billion in losses on some of its core projects yet for some reason...
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