NEW YORK, Oct. 14, 2017 /PRNewswire/ -- Stull, Stull
& Brody filed a lawsuit on June 7,
2017, in the United States District Court for the Southern
District of New York, Case No.
1:17-cv-04251, on behalf of participants in the 401(k) defined
contribution plan of Chicago Bridge & Iron Company N.V. ("CBI"
or the "Company") (NYSE: CBI). Defendants in the lawsuit have
challenged the legal standing of the named plaintiff and his
ability to maintain the action on a representative basis on behalf
of plan participants. The Court has set a deadline of October 19, 2017, by which to file an amended
complaint to add plaintiffs to the case.
The lawsuit 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 Jason D'Agnenica, Esq. at Stull, Stull &
Brody by e-mail at CBI@ssbny.com, by calling 212-687-7230 x145, 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 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 improperly accounted for CBI's goodwill during 2013
to cover losses associated with delays and overruns on the Nuclear
Projects.
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.
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SOURCE Stull, Stull & Brody