Babcock & Wilcox Enterprises Inc (NYSE: BW) Investor Securities Class Action Lawsuit 03/03/2017

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Company Name(s): 
Babcock & Wilcox Enterprises
Case Name: 
Babcock & Wilcox Enterprises Shareholder Class Action Lawsuit 03/03/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: BW
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/03/2017
Class Period Begin: 
06/17/2015
Class Period End: 
08/09/2017
Court of Filing: 
U.S. District Court for the Western District of North Carolina
Deadline To File for Lead: 
05/02/2017
Date Settled: 
08/12/2019
Settlement Amount: 
$19,500,000
Deadline to Participate in Settlement: 
01/02/2020
Summary: 

August 12, 2019 - The court preliminarily approved the settlement.

June 25, 2019 - Parties filed a stipulation of settlement.

February 8, 2018 - The court denied defendants' motion to dismiss.

November 13, 2017 - Defendants filed a motion to dismiss.

September 28, 2017 - The lead plaintiff filed another amended consolidated complaint on behalf of investors who purchased Babcock & Wilcox Enterprises Inc (NYSE: BW) common shares between June 17, 2015 and August 9, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 17, 2015 and August 9, 2017.

July 10, 2017 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Babcock & Wilcox Enterprises Inc (NYSE: BW) common shares between June 17, 2015 and February 28, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 17, 2015 and February 28, 2017.

May 25, 2017 - Lead plaintiff and lead counsel were appointed.

May 2, 2017 - Lead plaintiff motions were filed.

March 3, 2017 - An investor in shares of Babcock & Wilcox Enterprises Inc (NYSE: BW) filed a lawsuit in the U.S. District Court for the Western District of North Carolina over alleged violations of Federal Securities Laws by Babcock & Wilcox Enterprises Inc in connection with certain allegedly false and misleading statements made between July 1, 2015 and February 28, 2017.

On July 1, 2015, Babcock & Wilcox Enterprises Inc began trading independently as a public company after spinning off from The Babcock & Wilcox Company by way of distribution of shares of Babcock & Wilcox Enterprises Inc common stock to holders of the Company's former parent. The distribution of Babcock & Wilcox Enterprises Inc common stock was made on June 30, 2015, and consisted of one share of Babcock & Wilcox Enterprises Inc common stock for every two shares of the former parent's common stock as of the record date, June 18, 2015. Cash was paid in lieu of any fractional shares of Babcock & Wilcox Enterprises Inc common stock.

According to the complaint the plaintiff alleges on behalf of purchasers of Babcock & Wilcox Enterprises Inc (NYSE: BW) common shares between July 1, 2015 and February 28, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 1, 2015 and February 28, 2017, the Company was experiencing significant, undisclosed problems in its Renewable segment.

The plaintiff claims that although defendants disclosed issues with a single project in the Renewable business on June 28, 2016, they failed to disclose that similar problems were significantly and negatively impacting other projects in the Company's Renewable segment, instead assuring investors during a business update call that the problems were "a single project issue."

On February 28, 2017 Babcock & Wilcox Enterprises Inc announced its fourth quarter 2016 results and provided its outlook for 2017. Babcock & Wilcox Enterprises Inc reported that its annual Total Revenue declined from over $1.75 billion in 2015 to over $1.57 billion in 2016 and that its Net Income of $19.14 million in 2015 decreased to a Net Loss of $115.65 million in 2016. Shares of Babcock & Wilcox Enterprises Inc (NYSE: BW) declined on March 1, 2017 to as low as $9.43 per share.

On March 3, 2017, NYSE: BW shares closed at $10.49 per share.