According to the Company’s FORM 10-Q for the period ended March 31, 2001, on April 25, 2001, the plaintiffs-appellants filed a motion to voluntarily dismiss their appeal and the appeal was dismissed by the U.S. Fifth Circuit Court on April 26, 2001.
As reported by the same SEC filing, in December 1999 and early 2000, several persons who allegedly purchased shares of the Company’s common stock during the period from May 21, 1999 through November 11, 1999 filed four purported class action complaints against MII and two of its executive officers, Roger E. Tetrault and Daniel R. Gaubert, in the United States District Court for the Eastern District of Louisiana. Each of the complaints alleged that the defendants violated federal securities laws by disseminating materially false and misleading information and/or concealing material adverse information relating to the Company’s estimated liability for asbestos-related claims. Each complaint sought relief, including unspecified compensatory damages and an award for costs and expenses. The four cases were subsequently consolidated. In June 2000, the plaintiffs filed a consolidated amended complaint, and in July 2000, the Company filed a motion to dismiss all claims asserted in that complaint. In September 2000, the District Court dismissed with prejudice the plaintiffs' consolidated amended complaint for failure to state a claim upon which relief can be granted, which dismissal the plaintiffs appealed to the U.S. Fifth Circuit Court of Appeals in October 2000.
The original class action suit was filed against McDermott International, Inc. and certain of its officers and directors for violation of federal securities laws on behalf of those persons who purchased McDermott securities between May 21, 1999 and November 11, 1999.