NEW YORK, March 30, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Chicago Bridge & Iron Company N.V. ("CBI" or the “Company”) (NYSE:CBI) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased CBI securities between October 29, 2013 and December 10, 2014, both dates inclusive (the “Class Period”). Such investors are advised to join this case by visiting the firm’s site: http://www.bgandg.com/cbi.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding the CBI’s business, prospects and financial results. Specifically, the complaint alleges that defendants failed to disclose that the company 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 the Nuclear Projects. The complaint continues to allege that CBI failed to establish and disclose an appropriate reserve for this liability in its financial statements and CBI lacked effective internal controls over financial reporting. Due to these false statements and/or omissions, CBI stock traded at artificially exaggerated prices of over $87 per share during the Class Period.
On June 17, 2014, Prescience Point reported that CBI had inappropriately accounted for its goodwill during 2013 to cover damages from construction delays and cost overruns on the Nuclear Projects. Following this news, CBI stock dropped over 8% to close at $68.19 per share. Following the revelation of added information about the Nuclear Projects status and who might be liable for the cost overruns and project delays, CBI stock continued to drop to under $40 per share from June 2014 through December 2014.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/cbi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in CBI you have until May 2, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.