MCDERMOTT INTERNATIONAL, INC.

Summary of Case: A securities class action has been filed against McDermott International, Inc. (Ticker: MDR) ("McDermott" or the "Company") on behalf of securities purchasers from February 27, 2008 through November 5, 2008 (Class Period) in the United States District Court for the Southern District of New York. 

The complaint alleges that McDermott concealed from investors that its three large, ongoing construction contracts for the installation of marine oil and gas pipelines off the coast of Qatar were substantially delayed and that the delays caused the Company to incur major losses on those contracts. As a result, plaintiffs said, the Company's oil and gas division posted a $19.7 million loss during the third quarter of 2008, resulting from $90 million in contract losses related to delays on the three pipeline contracts. Investors finally learned of the severity of the production setback and the resulting negative impact to the Company's earnings on November 5, 2008 when the Company filed its third quarter 2008 Form 10-Q with the SEC. McDermott's stock price plunged on the news, from $15.56 per share at close on November 5, 2008 to $10.39 per share at close on November 6, 2008 -- a loss of $5.17 per share, or 33%.