Chicago Bridge and Iron Co., N.V.On June 20, 2006, Cohen Milstein was appointed as co-lead counsel on behalf of all persons that purchased Chicago Bridge & Iron Co., N.V. (“CB&I” or the “Company”) securities between March 9, 2005 and February 3, 2006, inclusive (the “Class Period”). Thereafter, on July 6, 2006, a consolidated amended complaint (the “complaint”) was filed in the United States District Court for the Southern District of New York against CB&I, Gerald M. Glenn (the Company’s Chief Executive Officer), Robert B. Jordan (the Company’s Chief Operating Officer), and Richard E. Goodrich (the Company’s Chief Financial Officer) (collectively “Defendants”) alleging that they violated Section 10(b) of the Securities Exchange Act of 1934. Specifically, the complaint alleges that, during the Class Period, Defendants issued numerous materially false and misleading statements which caused CB&I’s securities to trade at artificially inflated prices. These statements were allegedly materially false and misleading and violated Generally Accepted Accounting Principles because they allegedly misrepresented and/or failed to disclose that: (1) the Company was materially overstating its financial results by failing to properly utilize percentage-of-completion accounting; and (2) the Company was not following its publicly-stated revenue recognition policies. The complaint also alleges that Defendants sold millions of dollars worth of CB&I securities during the Class Period at artificially inflated prices. On November 7, 2006, the Court denied Defendants’ motions to dismiss in their entirety. Thereafter, on or about January 22, 2008, while Plaintiffs’ motion for class certification was pending, the Parties entered into a Stipulation and Agreement of Settlement in which Defendants agreed to pay $10,500,000 in cash and enact certain corporate governance reforms. The deadline to file Proofs of Claim in this litigation is June 26, 2008. |
