SAN DIEGO, Feb. 11, 2018 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential violations of the federal and state securities laws by Babcock & Wilcox Enterprises, Inc. (BW) ("Babcock & Wilcox") and certain of its officers. Babcock & Wilcox provides fossil and renewable power generation and environmental equipment for the power and industrial markets worldwide.
Last year, a Securities Class Action Complaint was filed on behalf of those who purchased securities of Babcock & Wilcox between June 17, 2015 and August 9, 2017. The complaint alleges that defendants made misrepresentations and failed to disclose that: (1) due to rapid growth in the Renewable segment and cost-cutting strategies, the Company lacked sufficient expertise or engineering and other resources to perform on time and within budget the Renewable contracts in its backlog, thereby rendering the backlog an improbable and unrealistic source of profitability; and (2) there were ongoing, undisclosed material problems within the Renewable segment that were exacerbated by the undisclosed diversion of limited resources. On February 9, 2018, Judge Max O. Cogburn, Jr. issued an order denying the motion to dismiss.
If you have held Babcock & Wilcox shares continuously before June 17, 2015, you may have standing to hold Babcock & Wilcox harmless from the damage the officers and directors caused by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are a Babcock & Wilcox shareholder continuously holding shares before June 17, 2015, and are interested in learning more about your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If you email, please include your phone number.
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Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com