The Shuman Law Firm Investigates Babcock & Wilcox Enterprises, Inc.
DENVER, CO May 14, 2018 – The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Babcock & Wilcox Enterprises, Inc. (“Babcock & Wilcox” or the “Company”) (NYSE: BW). Babcock & Wilcox provides fossil and renewable power generation and environmental equipment for the power and industrial markets worldwide.
The Firm’s investigation relates to allegations raised in a purported class action lawsuit filed against Babcock & Wilcox over alleged securities laws violations which was recently upheld by a federal judge in North Carolina at the motion to dismiss stage. The plaintiff alleged that the Company was experiencing significant, undisclosed problems in its Renewable segment and that CEO E. James Ferland and CFO Jenny L. Apker misleadingly touted the prospects of the Company’s Renewable energy segment and cost-cutting abilities. The Company’s stock fell approximately 72% in one day following the release of disappointing quarterly earnings and a disclosure that the Company was making changes to its Renewables segment’s business model and disclosed a weakness in the segment’s internal controls. Amidst these problems, on February 1, 2018, the Company announced that its CEO, James Ferland, would not be retained in his executive position following the expiration of his current employment agreement and would transition to executive chairman.
If you currently own Babcock & Wilcox common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.