A six-figure hit for Nova Scotia's largest registered pension plan is at the heart of an alleged securities fraud case playing out in Texas that aims to ...
The Nova Scotia Health Employee Pension Plan is the lead plaintiff in a proposed class-action case against engineering firm McDermott International, Inc. The pension plan for thousands of Bluenose health care workers says in court filings that it lost $318,682 US, or about $430,000 in today’s Canadian currency, when it bought common stock in McDermott between Jan. 24, 2018, and Oct. 30, 2018.
The suit involves investors who acquired McDermott common stock between Dec. 18, 2017, and Jan. 23, 2020.Their complaint “alleges that McDermott and certain of its officers … defrauded investors who purchased or otherwise acquired McDermott common stock during the class period,” according to court filings.
“McDermott also reported a $744 million change in the value of certain projects it had acquired from Chicago Bridge & Iron Company, and further disclosed plans to sell McDermott’s storage tank business and its U.S. pipe fabrication business, describing those businesses as ‘not core to the company’s long term strategic objectives.’ Following these disclosures, McDermott’s share price fell sharply, damaging NSHEPP and other investors,” say court filings.
If they win, investors will be looking to recover a portion of their losses from insurers and some of McDermott’s former top executives, as the Chapter 11 process expunged billions of dollars of the company’s debt, while leaving shareholders with nothing.“Nova Scotia and me as their counsel have great faith in the strength of our claims, we look forward to litigating them through class certification and to trial, if necessary,” Tuccillo said.
In his Aug. 30 ruling, which comes long before the two sides square off, likely next summer, for a class certification hearing, Edison said “Nova Scotia cannot point to a single statement in which defendants affirmatively denied the possibility that it would file for bankruptcy protection. At this preliminary pleading stage, it is my job to look at each challenged statement, one by one, to determine if it contains a false statement of fact. I have done that.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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