THE WOODLANDS,
Texas, June 27, 2017
/PRNewswire/ -- CB&I (NYSE:CBI) today issued the following
statement on the Delaware Supreme Court's decision to reverse the
previous decision of the Court of Chancery in CB&I's lawsuit
against Westinghouse.
The Delaware Supreme Court rejected
Westinghouse's attempt to raise claims that the parties
extinguished by contract in the purchase agreement of October 2015. The Court also ruled that nearly
all of Westinghouse's claim will not be presented to the
Independent Auditor. The opinion authored by Chief
Justice Leo E. Strine, Jr., states,
"We therefore reverse and require the entry of a judgment on the
pleadings for Chicago Bridge."
"We are very pleased with the Delaware Supreme Court's
decision, which vindicates our position that Westinghouse's
$2 billion claim was without merit
under the agreement," said Philip K.
Asherman, CB&I's President and Chief Executive Officer.
"CB&I looks forward to quickly resolving any remaining disputes
between the parties, which we believe should be immaterial in light
of the Court's ruling."
About CB&I
CB&I (NYSE:CBI)
is a leading provider of technology and infrastructure for
the energy industry. With over 125 years of experience, CB&I
provides reliable solutions to our customers around the world while
maintaining a relentless focus on safety and an uncompromising
standard of quality. For more information,
visit www.CBI.com.
Important Information For Investors And
Shareholders
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements
regarding CB&I and represents our expectations and beliefs
concerning future events. These forward-looking statements are
intended to be covered by the safe harbor for forward-looking
statements provided by the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown risks
and uncertainties. When considering any statements that are
predictive in nature, depend upon or refer to future events or
conditions, or use or contain words, terms, phrases or expressions
such as "achieve," "forecast," "plan," "propose," "strategy,"
"envision," "hope," "will," "continue," "potential," "expect,"
"believe," "anticipate," "project," "estimate," "predict,"
"intend," "should," "could," "may," "might" or similar
forward-looking statements, we refer you to the cautionary
statements concerning risk factors and "Forward-Looking Statements"
described under "Risk Factors" in Item 1A of our Annual Report
filed on Form 10-K filed with the SEC for the year ended
December 31, 2016, and any updates to
those risk factors or "Forward-Looking Statements" included in our
subsequent Quarterly Reports on Form 10-Q filed with the SEC, which
cautionary statements are incorporated herein by
reference.
Investors: Scott
Lamb, +1 832 513 1068,
Scott.Lamb@CBI.com
Media: Gentry Brann, +1
832 513 1031, Gentry.Brann@CBI.com
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SOURCE CB&I