On December 11, 2017, Pomerantz LLP was appointed Lead Counsel in a class action lawsuit against TechnipFMC plc ("TechnipFMC" or the "Company") and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, Houston Division, and docketed under 17-cv-02368, is on behalf of a class consisting of investors who purchased or otherwise acquired TechnipFMC securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
TechnipFMC plc provides oilfield services. The Company offers subsea, surface, onshore, and offshore solutions for oil and gas projects. TechnipFMC serves customers worldwide. TechnipFMC was formed through the merger of FMC Technologies Inc. and French oil-services Technip SA.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) accordingly, the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, TechnipFMC's public statements were materially false and misleading at all relevant times.
On July 24, 2017, post-market, TechnipFMC issued a press release and filed a Current Report on Form 8-K with the SEC, announcing that the Company would restate its financial statements as of March 31, 2017, as these statements could no longer be relied upon.
On this news, TechnipFMC's share price fell $0.48, or 1.71%, to close at $27.56 on July 25, 2017.