SAN FRANCISCO, Aug. 04, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in TechnipFMC plc (NYSE:FTI) to the securities class action pending in the United States District Court for the Southern District of Texas and to the October 2, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of FTI between April 27, 2017 and July 24, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/FTI
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On July 24, 2017, FTI filed a Form 8-K filed with the U.S. Securities and Exchange Commission announcing that it would restate certain unaudited interim condensed consolidated U.S. GAAP financial statements. Specifically, FTI determined that it would restate financial statements for March 31, 2017 and for the three months ended March 31, 2017 included in the Company’s quarterly report on Form 10-Q, previously filed with the SEC on May 4, 2017. The Company explained such financial statements should no longer be relied upon because of material errors.
More specifically, “net income attributable to the Company in the quarter ending March 31, 2017 was overstated by $209.5 million ($0.45 per share).”
This news drove the price of FTI shares down on unusually heavy volume on July 25, 2017.
On August 4, 2017, FTI amended Form 10-Q for the quarterly period ended March 31, 2017. Defendants reduced previously reported net income attributable to TechnipFMC from $190.8 million to a net loss of $18.7 million for that period.
“We’re focused on the magnitude of management’s improper accounting that, as corrected, wipes out previously reported Q1 2017 net income,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding FTI should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FTI@hbsslaw.com.
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