McDermott Can't Ditch CB&I Merger Suit, Texas Judge Says

Law360 (April 14, 2021, 11:30 PM EDT) -- A Texas federal judge explained Wednesday that McDermott International Inc. must face a securities fraud suit over its acquisition of Chicago Bridge & Iron Co., denying its motion to dismiss and finding that stockholders sufficiently pled that proxy statements from McDermott were made "with actual knowledge that they were misleading."

U.S. District Judge George C. Hanks Jr. already denied McDermott's motion to dismiss on March 31 in a one-page order, and issued his full opinion behind the order on Wednesday that said McDermott cannot escape the allegations it concealed material problems with the integration of CB&I's business and the likelihood that...

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