NEW YORK, May 19, 2017 (GLOBE NEWSWIRE) — Stull, Stull & Brody today announced that a securities fraud complaint has been filed and that it is continuing its investigation relating to the 401(k) defined contribution plan of Chicago Bridge & Iron Company N.V. (“CBI” or the “Company”) (NYSE:CBI). Among other things, Stull, Stull & Brody is investigating whether fiduciaries of CBI’s 401(k) plan violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by offering CBI stock as an investment option under the plan when it was not prudent to do so and by failing to disclose the Company’s true financial and operating condition to participants and beneficiaries of the plan.
If you held CBI stock in an individual account under a Company 401(k) plan during 2013 and 2014 and you have questions about your legal rights or interests with respect to these matters, please contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail at [email protected], by calling toll-free 1-800-337-4983 x147, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
The securities fraud action filed in the U.S. District Court for the Southern District of New York focuses on whether, between October 29, 2013 and December 10, 2014, the defendants failed to disclose that CBI was responsible for hundreds of millions of dollars in liability and had improperly accounted for its goodwill during 2013 to cover losses associated with delays and overruns on the Nuclear Projects. The complaint also alleges CBI failed to establish and disclose an appropriate reserve for this liability and lacked effective internal controls. As a result, CBI stock traded at artificially exaggerated prices of over $87/share during the Class Period, before dropping to under $40/share in late 2014.
You may retain Stull, Stull & Brody, or other counsel of your choice, to represent you. Stull, Stull & Brody has litigated many class actions for violations of ERISA and securities laws in federal courts over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Beverly Hills.
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