An investor in NYSE:BW shares filed a lawsuit against Babcock & Wilcox Enterprises over alleged Securities Laws violations in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Babcock & Wilcox Enterprises Inc (NYSE:BW) have certain options and for certain investors are short and strict deadlines running. Deadline: May 2, 2017. NYSE:BW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
On July 1, 2015, B&W began trading independently as a public company after spinning off from The Babcock & Wilcox Company by way of distribution of shares of Babcock & Wilcox Enterprises Inc common stock to holders of the Company’s former parent. The distribution of Babcock & Wilcox Enterprises Inc common stock was made on June 30, 2015, and consisted of one share of Babcock & Wilcox Enterprises Inc common stock for every two shares of the former parent’s common stock as of the record date, June 18, 2015. Cash was paid in lieu of any fractional shares of Babcock & Wilcox Enterprises Inc common stock.
According to the complaint the plaintiff alleges on behalf of purchasers of Babcock & Wilcox Enterprises Inc (NYSE:BW) common shares between July 1, 2015 and February 28, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 1, 2015 and February 28, 2017, the Company was experiencing significant, undisclosed problems in its Renewable segment.
The plaintiff claims that although defendants disclosed issues with a single project in the Renewable business on June 28, 2016, they failed to disclose that similar problems were significantly and negatively impacting other projects in the Company’s Renewable segment, instead assuring investors during a business update call that the problems were “a single project issue.”
On February 28, 2017 Babcock & Wilcox Enterprises Inc announced its fourth quarter 2016 results and provided its outlook for 2017. Babcock & Wilcox Enterprises Inc reported that its annual Total Revenue declined from over $1.75 billion in 2015 to over $1.57 billion in 2016 and that its Net Income of $19.14 million in 2015 decreased to a Net Loss of $115.65 million in 2016. Shares of Babcock & Wilcox Enterprises Inc (NYSE:BW) declined on March 1, 2017 to as low as $9.43 per share.
On March 27, 2017, NYSE:BW shares closed at $8.89 per share.
Those who purchased NYSE:BW shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com