Established in 1867, Babcock & Wilcox Enterprises, Inc. ("B&W" or the Company) is an American company that provides energy and environmental technologies and services to the global power and industrial markets. According to the law firm press release, the Company operates in three reportable segments: Power, Renewable, and Industrial.

On July 1, 2015, B&W began trading independently as a public company after spinning off from The Babcock & Wilcox Company by way of distribution of shares of B&W common stock to holders of the Company's former parent. The distribution of B&W common stock was made on June 30, 2015, and consisted of one share of B&W common stock for every two shares of the former parent's common stock as of the record date, June 18, 2015. Cash was paid in lieu of any fractional shares of B&W common stock.

The Complaint alleges that throughout the Class Period, the Company was experiencing significant, undisclosed problems in its Renewable segment. Although Defendants disclosed issues with a single project in the Renewable business on June 28, 2016, the Complaint alleges they failed to disclose that similar problems were significantly and negatively impacting other projects in the Company's Renewable segment, instead assuring investors during a business update call that the problems were "a single project issue." In response to this partial disclosure, as well as lowered financial guidance for 2016, the price of B&W stock declined by 21% on June 28, 2016.

An amended Complaint was filed on September 28, 2017. Defendants filed a Motion to Dismiss the amended Complaint on November 13. On February 8, 2018, the Court issued an Order denying Defendants' Motion to Dismiss. On June 21, 2019, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on August 12. The Court issued an amended Order preliminarily approving the Settlement on August 30. On December 20, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order authorizing distribution of the net Settlement fund on April 30, 2021.