According to the law firm press release, TechnipFMC plc provides oilfield services. The Company offers subsea, surface, onshore, and offshore solutions for oil and gas projects. TechnipFMC serves customers worldwide. TechnipFMC was formed through the merger of FMC Technologies Inc. and French oil-services Technip SA.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TechnipFMC had a material weakness in its internal control over rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects; (ii) accordingly, the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, TechnipFMC’s public statements were materially false and misleading at all relevant times.
On December 8, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 22, 2018. Defendants filed a Motion to Dismiss the amended Complaint on March 8. On January 18, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss, dismissing the Section 10(b), Section 15, and Section 20(a) claims.