Summary of the Action
TechnipFMC made materially misleading statements in the Company’s October 24, 2016 Registration Statement concerning financial metrics and foreign exchange calculations, in violation of Section 11 of the Securities Act of 1933. On July 24, 2017, the Audit Committee of the Board of Directors of TechnipFMC plc, concluded that financial statements previously filed with the SEC should no longer be relied upon because of material errors in such financial statements.
The Company concluded that errors existed within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects in the Company’s unaudited Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income for the quarter ended March 31, 2017. The net income attributable to the Company in the quarter ending March 31, 2017 was overstated by $209.5 million ($0.45 per share).
The Complaint alleges that as a result of this news, TechnipFMC’s stock price fell $0.48, or 1.71%, to close at $27.56 on July 25, 2017.
The Court decided that this lawsuit can be a class action and move towards a trial because it meets the requirements of Rule 23 of the Federal Rules of Civil Procedure and Order of the United States District Court for the Southern District of Texas(the “Court”). There is no money available now, and there is no guarantee that there will be in the future.
You are a member of the Class if you:
Purchased or otherwise acquired TechnipFMC shares (including but not limited to shares acquired through the merger of FMC Technologies INC., FMC Technologies SIS Limited ad Technip S.A.) in the U.S. between the date of the first such acquisition (which occurred no later than January 16, 2017) and July 24, 2017, both dates inclusive. Excluded are:
- Defendants, officers and directors of TechnipFMC plc (“TechnipFMC” or the “Company”)
- Members of the defendants, officers and directors of TechnipFMC plc immediate families
- Legal representatives of defendants, officers and directors of TechnipFMC plc
- Any entity defendants, officers and directors of TechnipFMC plc have or had controlling interest
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT:
||Stay in this lawsuit. Await the outcome. Give up certain rights.
By doing nothing, you keep the possibility of getting money (or benefits) that may come from a trial or a settlement. You may also receive nothing. If you stay in the lawsuit, you give up any rights you may have to sue Defendants separately about the same legal claims in this lawsuit.
|ASK TO BE EXCLUDED
||Get out of this lawsuit. Get no benefits from it. Keep rights.
If you ask to be excluded, any claim you might have will not be part of the lawsuit. If money or other benefits are later awarded, you won’t share in those benefits. But, you keep any rights that have not expired to sue Defendants separately about the same legal claims in this lawsuit
How do I obtain more information?
Detailed information about the Lawsuit is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Administrator by calling toll-free 1-877-545-0232 or emailing info@TechnipFMCSecuritiesLitigation.com or mailing a letter to:
TechnipFMC Securities Litigation
c/o JND Legal Administration
P.O. Box 91369
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.