LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Chicago Bridge & Iron Company N.V. (“CBI” or the “Company”) (NYSE: CBI) securities between October 29, 2013 and December 10, 2014, inclusive (the “Class Period”). CBI investors have until May 1, 2017 to file a lead plaintiff motion.
Investors suffering losses on their CBI 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.
On June 17, 2014, Prescience Point alleged that CBI had erroneously accounted for its goodwill during 2013 to conceal losses related to issues with the Company’s Nuclear Projects segment. On this news, shares of CBI fell over 8%. Additionally, between June 2014 and December 2014, shares of CBI continued to drop to below $40 per share in response to the release of information concerning who might be liable for cost overruns and project delays associated with the Nuclear Projects segment.
The complaint filed in this class action accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that: (i) Chicago Bridge 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 contracts to complete construction on two new nuclear power plants; (ii) failed to establish and disclose an appropriate reserve for this liability in its financial statements; and (iii) lacked effective internal controls over financial reporting.
If you purchased shares of CBI during the Class Period you may move the Court no later than May 1, 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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