WASHINGTON, DC (August 4, 2017) — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against TechnipFMC plc (“TechnipFMC” or the “Company”) (NYSE:FTI). The class action is on behalf of investors who purchased or otherwise acquired Technip securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934. The case has been docketed under 17-cv-02368 in United States District Court for the Southern District of Texas.
If you are a shareholder who purchased TechnipFMC stock between April 27, 2017 and July 24, 2017 (“Class Period”), you have until October 2, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class.
Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. Contact USMA Law Group to discuss this action.
TechnipFMC plc provides oilfield services. The Company offers subsea, surface, onshore, and offshore solutions for oil and gas projects. TechnipFMC serves customers worldwide. TechnipFMC was formed through the merger of FMC Technologies Inc. and French oil-services Technip SA.
Allegations Against TechnipFMC
Throughout the Class Period, Defendants allegedly made false and/or misleading statements and/or failed to disclose that: (i) TechnipFMC had a material weakness in its internal control over rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects; (ii) accordingly, the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, TechnipFMC’s public statements were materially false and misleading at all relevant times.
On July 24, 2017, TechnipFMC announced that the Company would restate its financial statements as of March 31, 2017, as these statements could no longer be relied upon. On this news, TechnipFMC’s share price fell $0.48, or 1.71%, to close at $27.56 on July 25, 2017.
About USMA Law Group
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel