| COMPANY |
TechnipFMC plc |
| COURT |
United States District Court for the Southern District of Texas |
| CASE NUMBER |
17-cv-02368 |
| JUDGE |
The Hon. Alfred H. Bennett |
| CLASS PERIOD |
January 16, 2017 - July 24, 2017 |
| SECURITY TYPE |
Common Stock |
Case Background:
On August 3, 2017, the initial complaint in this securities class action was filed against TechnipFMC plc (“Technip” or the “Company”), and certain of Technip’s directors, officers and underwriters, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons who purchased or otherwise acquired Technip shares (including but not limited to shares acquired through the merger of FMC Technologies Inc., FMC Technologies SlS Limited and 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 (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Technip 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; (2) accordingly, the Company lacked effective internal controls over financial reporting; and (3) as a result of the foregoing, Technip’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On January 22, 2018, Lead Plaintiffs filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on March 8, 2018. On January 18, 2019, the Court denied the Motion to Dismiss. On March 22, 2021, the Court approved the Settlement of this action. This action has concluded.
The deadline to file a claim is May 15, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.technipfmcsecuritieslitigation.com/, or you can contact the claims administrator, JND Legal Administration at 1-877-545-0232.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.