LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Babcock & Wilcox Enterprises, Inc. (“Babcock & Wilcox” or the “Company”) (NYSE: BW) securities between February 19, 2013 and March 1, 2017, inclusive (the “Class Period”). Babcock & Wilcox investors have until May 2, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Babcock & Wilcox investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
The complaint filed in this class action alleges that throughout the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose: (1) the issues with the Company’s European renewable contract, including the issues it caused with productivity and schedule issues in other Renewable segment projects; (2) the effect these issues would have on the Company’s financials and the Company’s ability to meet its guidance.
On March 1, 2017, Babcock & Wilcox disclosed disappointing fourth quarter 2016 results that were below analyst expectations, citing strong declines in its Renewable Energy segment. The Company reported "fourth quarter 2016 revenues of $380.0 million, a decrease of $122.7 million, or 24.4%, compared to the fourth quarter of 2015. GAAP earnings per share for the fourth quarter of 2016 were a loss of $1.47 compared to a loss per share of $0.10 for the fourth quarter of 2015." On this news, shares of Babcock & Wilcox fell sharply, over 39% during intraday trading on March 1, 2017.
If you purchased shares of Babcock & Wilcox during the Class Period you may move the Court no later than May 2, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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