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SAN FRANCISCO, March 09, 2017 -- Hagens Berman Sobol Shapiro LLP alerts investors in Babcock & Wilcox Enterprises, Inc. (NYSE:BW) to the securities class action pending in the United States District Court for the Western District of North Carolina and to the May 2, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of BW between July 1, 2015 and February 28, 2017 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/BW
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On February 28, 2017, Defendants announced that BW’s Renewable segment revenues in the fourth quarter of 2016 were $55.6 million, a decrease of $59.7 million compared to revenues reported for the corresponding 2015 period. Defendants also announced that the segment’s gross loss in the fourth quarter of 2016 was $82.6 million compared to the $21.1 million gross profit reported for the corresponding 2015 period.
Defendants explained that the Company experienced increased costs to complete projects and problems disclosed concerning one project that led to productivity and scheduling issues at others.
This news drove the price of BW shares down approximately 37% to close at $10.33 per share on March 1, 2017.
“We’re concerned about earlier management statements regarding the extent of the impact of the problem project on the Company’s other projects within its Renewable segment,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding BW should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
