RM LAW, P.C. has commenced an investigation into potential securities law violations by certain officers of Babcock & Wilcox Enterprises, Inc. (“Babcock & Wilcox” or the “Company”) (NYSE: BW).
If you purchased shares of Babcock & Wilcox and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On June 28, 2016, Babcock disclosed an “isolated” problem with “a single project” in its Renewable segment, downplaying the extent of the condition. On February 28, 2017, Babcock announced disappointing Q4 and YE 2016 results, including charges and increased contingencies for Renewable projects, yet continued to downplay delays and cost overruns. Following this news, Babcock’s stock fell 37%, erasing approximately $300 million of market capitalization in one day. On August 9, 2017, Babcock revealed negative results for Q2 2017, due to additional cost overruns and delays on Renewable projects including $115 million in charges, and also a material weakness in the internal controls over financial reporting at one Renewable unit. Recently, on March 1, 2018, Babcock reported per share losses of $2.44 for Q4 2017 and $8.09 for the year.