||United States District Court for the Southern District of Texas
||The Hon. Alfred H. Bennett
||Between January 16, 2017 and July 24, 2017
On August 3, 2017, the initial complaint in this securities class action was filed against TechnipFMC plc (“Technip” or the “Company”), and certain of Technip’s directors, officers and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. 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) Technip 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, Technip’s public statements were materially false and misleading at all relevant times.
On March 9, 2020, the Court certified a Class consisting of all persons who purchased or otherwise acquired Technip shares (including but not limited to shares acquired through the merger of FMC Technologies Inc. FMC Technologies SlS Limited and Technip S.A.) in the U.S. between the date of the first such acquisition (which occurred no later than January 16, 2017) and July 24 , 2017, both dates inclusive.
Current Status of Case:
There are several Motions for Summary Judgment pending before the Court. A trial is tentatively scheduled to begin on March 1, 2021. This action is still ongoing.
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