NEW YORK, Oct. 2, 2017 /PRNewswire/ -- Stull, Stull &
Brody today announced that a complaint has been filed on behalf of
the 401(k) defined contribution plan of Chicago Bridge & Iron
Company N.V. ("CBI" or the "Company") (NYSE:CBI). Among other
things, the complaint alleges that fiduciaries of CBI's 401(k) plan
violated the Employee Retirement Income Security Act of 1974
("ERISA") by offering CBI stock as an investment option under the
plan when it was not prudent to do so and by failing to disclose
the Company's true financial and operating condition to
participants and beneficiaries of the plan.
If you held CBI stock in an individual account under a Company
401(k) plan during 2013 and 2014 and you have questions about your
legal rights or interests with respect to these matters, please
contact Michael Klein, Esq. at Stull, Stull & Brody
by e-mail at CBI@ssbny.com, by calling 212-687-7230 x147, by fax to
1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East
45th Street, New York, NY 10017. You can also visit our
website at www.ssbny.com.
The action filed in the U.S. District Court for the Southern
District of New York focuses on
whether, since October 29, 2013, the
defendants failed to protect the CBI 401(k) Plan from artificial
inflation in CBI's common stock resulting from hundreds of millions
of dollars in liability and had improperly accounted for CBI's
goodwill during 2013 to cover losses associated with delays and
overruns on the Nuclear Projects. As a result, CBI stock
allegedly traded at artificially exaggerated prices of
over $87/share during the Class Period, before dropping to
under $40/share in late 2014.
You may retain Stull, Stull & Brody, or other counsel of
your choice, to represent you. Stull, Stull & Brody has
litigated many class actions for violations of ERISA and securities
laws in federal courts over the past 40 years and has obtained
court approval of substantial settlements on numerous occasions.
Stull, Stull & Brody maintains offices in New
York and Beverly Hills.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
View original
content:http://www.prnewswire.com/news-releases/investigation-into-401k-plans-of-chicago-bridge--iron-company-nv-nysecbi-by-stull-stull--brody-is-continuing-300529391.html
SOURCE Stull, Stull & Brody