LOS ANGELES, CA / ACCESSWIRE / April 21, 2017 / Lundin Law PC , a shareholder rights firm, announces the filing of a class action lawsuit against Babcock & Wilcox Enterprises, Inc. ("Babcock" or the "Company") (BW) concerning possible violations of federal securities laws between July 1, 2015 and February 28, 2017 inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the May 2, 2017 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also do nothing and be an absent class member.
The Complaint states 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 its financials and ability to meet its guidance.
On February 28, 2017, Babcock disclosed 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.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE: Lundin Law PC