TechnipFMC plc Ordinary Share (NYSE:FTI) Investor Securities Class Action Lawsuit 08/04/2017

If you purchased shares of TechnipFMC plc Ordinary Share (NYSE:FTI), you have certain options and for certain investors are short and strict deadlines running. Deadline: October 2, 2017. NYSE:FTI investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
TechnipFMC
Case Name: 
TechnipFMC Shareholder Class Action Lawsuit 08/04/2017
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: FTI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/04/2017
Class Period Begin: 
04/27/2017
Class Period End: 
07/24/2017
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
10/02/2017
Summary: 

August 4, 2017 (Shareholders Foundation) - An investor in shares of TechnipFMC plc Ordinary Share (NYSE:FTI), filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by TechnipFMC plc in connection with certain allegedly false and misleading statements made between April 27, 2017 through July 24, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of TechnipFMC plc Ordinary Share (NYSE:FTI) common shares between April 27, 2017 through July 24, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 27, 2017 through July 24, 2017, the defendants made false and/or misleading statements and/or failed to disclose that 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, that accordingly, TechnipFMC lacked effective internal controls over financial reporting, and that as a result, TechnipFMC’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
London based TechnipFMC plc is involved in oil and gas projects, and provides related technologies, systems and services.
On July 24, 2017, TechnipFMC disclosed after the close of trading that its audit committee concluded that TechnipFMC’s financial statements included in its quarterly report for the three months ended March 31, 2017 and prior year prepared and included in TechnipFMC’s quarterly report for comparison purposes should no longer be relied upon because of material errors in such financial statements. TechnipFMC further disclosed that errors existed within “certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects” resulting in its net income for the quarter ending March 31, 2017 being overstated by $209.5 million ($0.45 per share).

Shares of TechnipFMC plc Ordinary Share (NYSE:FTI) declined from over $35 per share in early 2017 to as low as $26.41 per share on July 25, 2017.

On August 4, 2017, NYSE:FTI shares closed at $27.53 per share.