The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Western District of North Carolina on behalf of investors who purchased Babcock & Wilcox Enterprises, Inc. (NYSE : BW) securities between July 1, 2015 and February 28, 2017.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) although the Company disclosed issues with a single project in its Renewable business segment, it failed to disclose that similar problems were significantly impacting other projects in the same segment; and (2) the Company assured investors that the problems were "a single project issue."
On February 28, 2017, Babcock & Wilcox announcds its fourth quarter and full year 2016 financial results, announcing it lost $71.6 million or $1.47 per share in the fourth quarter. The Company also announced it took charges in the fourth quarter of 2016 resulting from its Renewable business, which reduced margins, and increased its contingencies for several of its Renewable projects. On this news, shares of Babcock & Wilcox fell approximately 37% to close at $10.33 per share on March 1, 2017.
If you suffered a loss in Babcock & Wilcox Enterprises, Inc. you have until May 2, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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