LOS ANGELES, March 22, 2006 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Chicago Bridge & Iron Company N.V. ("CBI" or the "Company") (NYSE:CBI) between March 9, 2005 and February 15, 2006, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges CBI and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning CBI's financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. CBI operates as an engineering, procurement and construction company offering, among other things, design, procurement, fabrication, mechanical installation and commissioning services. The Complaint alleges that during the Class Period defendants made materially false and misleading statements and failed to disclose that: (a) the Company was materially overstating its financial results by failing to properly utilize percentage-of-completion accounting; (b) the Company failed to properly recognize revenue on two projects; (c) the Company was not following its publicly stated revenue recognition policies; (d) the Company lacked adequate internal controls to ensure the accuracy of its reported financial results and guidance; (e) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); and (f) as a result, the Company's guidance lacked any reasonable basis in fact.
When CBI's weak internal controls, improper revenue recognition practices and the Company's actual financial performance during the Class Period were disclosed, the price of CBI stock plummeted, closing at $22.18 per share on February 15, 2006, which was $10.32 below its Class Period high of $32.50.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than April 18, 2006, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.