NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all persons or entities who purchased or otherwise acquired TechnipFMC plc (NYSE: FTI) securities between April 27, 2017 and July 24, 2017 (the “Class Period”). Investors have until October 2, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that: (i) TechnipFMC had a material weakness in its internal control over rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects; (ii) accordingly, the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, TechnipFMC’s public statements were materially false and misleading at all relevant times.
On July 24, 2017, TechnipFMC announced that “errors existed within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects,” and that certain “financial statements previously filed with the SEC should no longer be relied upon because of material errors in such financial statements.” Following this news, shares of TechnipFMC fell $0.48, or 1.7%, to close at $27.56 on July 25, 2017.
If you purchased or otherwise acquired TechnipFMC 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the TechnipFMC lawsuit, please go to http://www.bespc.com/FTI. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.