Ann D. White Law Offices, P.C. Announces Class Action Lawsuit Against Chicago Bridge & Iron Co. NV

Business Wire, March 4, 2006

JENKINTOWN, Pa. -- Ann D. White Law Offices, P.C., announces that a Class Action has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased the securities of Chicago Bridge & Iron Co. NV (NYSE:CBI) between March 9, 2005 and February 15, 2006, inclusive, against CBI and certain of its officers.

The action alleges defendants reported fraudulent financial results and guidance to the investing public. On October 26, 2005 CBI announced that it would be unable to timely file its third quarter financials. On October 31, 2005, CBI revealed that this delay "was precipitated by a memo from a senior member of CBI's accounting department alleging accounting improprieties..." On February 3, 2006, CBI announced that it had fired Gerald Glenn (its President and CEO) and Robert Jordan (its COO), and on February 15, that it was slashing its earnings guidance for 2005 by half principally due to "issues related to unapproved change orders and claims on several projects...", and that the SEC was investigating these matters. The cumulative effect of these revelations was to drive CBI stock down by $7.50. Glenn, Jordon and other senior managers reaped more than $30.8 million on their sales of CBI.

If you are a member of the class, you may move the Court, through counsel of your choice, no later than April 18, 2006 to serve as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as lead plaintiff. You may retain Ann D. White Law Offices, P.C. or other counsel of your choice. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.

Our firm's attorneys have considerable experience in securities, antitrust and other complex litigation.

If you are a member of the Class and you have any questions about the lawsuit or how to participate and recover your losses, please contact Ann White, Mandy Roth or Ronald Lopit.