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IRVINE, Calif., April 26, 2017 -- Khang & Khang LLP (the “Firm”) announces that a class action lawsuit has been filed against Babcock & Wilcox Enterprises, Inc. (“Babcock” or the “Company”) (NYSE:BW). Investors who purchased or otherwise acquired shares between July 1, 2015 and February 28, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm in advance of the May 2, 2017 lead plaintiff motion deadline.
If you purchased Babcock shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
The Complaint alleges that during the Class Period, Babcock issued materially false and/or misleading statements and/or failed to disclose issues with the Company’s European renewable contract, including the issues it caused with productivity and schedule issues in other Renewable segment projects; and the effect these issues would have on the Company’s financials and its ability to meet its guidance. On February 28, 2017, Babcock revealed disappointing fourth quarter 2016 results that were below analyst expectations, citing strong declines in its Renewable Energy segment. The Company reported "fourth quarter 2016 revenues of $380.0 million, a decrease of $122.7 million, or 24.4%, compared to the fourth quarter of 2015." The Company also reported a GAAP loss per share of $1.47 for the fourth quarter of 2016, compared to a loss per share of $0.10 for the fourth quarter of 2015. When this information reached the investing public, Babcock’s stock price dropped materially, which harmed investors according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions about this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at [email protected].
This press release may constitute Attorney Advertising in certain jurisdictions.
Contact Joon M. Khang, Esq. Telephone: 949-419-3834 Facsimile: 949-225-4474 [email protected]
