NEW YORK, March 7, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Babcock & Wilcox Enterprises, Inc. ("Babcock & Wilcox" or the "Company") (BW) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased Babcock & Wilcox securities between July 1, 2015, and February 28, 2017, both dates inclusive (the "Class Period"). Investors with are encouraged to learn more about this case by visiting the firm's site: http://www.bgandg.com/bw.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges that throughout the class period, defendants made false and misleading statements and/or failed to disclose that: (1) Babcock & Wilcox's Renewable business had productivity and scheduling issues; (2) these hidden problems decreased profit margins and worsened financial performance; (3) Babcock & Wilcox's Renewable business suffered from problematic on-site project management and a lack of resources in engineering and project management groups, which resulted in overly aggressive project bidding, project delays, and engineering errors; (4) Babcock & Wilcox lacked adequate project management processes in its Renewable business, which negatively impacted performance on key projects from bidding through execution; (5) consequently, defendants' statements about it outlook and expected financial performance were false and misleading and lack a reasonable basis when made.
On March 1, 2017, Babcock & Wilcox revealed its fourth quarter and full year 2016 financial results, which were below analyst projections, reporting "fourth quarter 2016 revenues of $380.0 million, a decrease of $122.7 million, or 24.4%, compared to the fourth quarter of 2015. GAAP earnings per share for the fourth quarter of 2016 were a loss of $1.47 compared to a loss per share of $0.10 for the fourth quarter of 2015." Following this news, Babcock & Wilcox stock dropped over 39% during intraday trading on March 1, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/bw or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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