NEW YORK, March 07, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Babcock & Wilcox Enterprises, Inc. (“Babcock & Wilcox” or the “Company”) (NYSE:BW) in the United States District Court for the Western District of North Carolina on behalf of persons or entities who purchased Babcock & Wilcox stock on the open market from July 1, 2015 through February 28, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and misleading statements and/or failed to disclose that: (1) Babcock & Wilcox’s Renewable business had productivity and scheduling issues; (2) these undisclosed problems decreased profit margins and worsened financial performance; (3) Babcock & Wilcox’s Renewable business suffered from problematic on-site project management and a lack of resources in engineering and project management groups, which resulted in overly aggressive project bidding, project delays, and engineering errors; (4) Babcock & Wilcox lacked adequate project management processes in its Renewable business, which negatively impacted performance on key projects from bidding through execution; (5) as a result, Defendants’ statements regarding Babcock & Wilcox’s outlook and expected financial performance were false and misleading and lacked a reasonable basis when made. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than May 2, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.