Press release
Lawsuit filed for Investors in shares of Fluor Corporation (NYSE: FLR)
A lawsuit was filed on behalf of investors in Fluor Corporation (NYSE: FLR) shares over alleged securities laws violations.
Investors who purchased shares of Fluor Corporation (NYSE: FLR) have certain options and for certain investors are short and strict deadlines running. Deadline: April 28, 2020. NYSE: FLR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Irving, TC based Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, operation, maintenance and asset integrity, and project management services worldwide.
On May 2, 2019, when Fluor announced the immediate departure of its CEO, David T. Seaton, significantly reduced its earnings guidance, and disclosed that Fluor was taking charges of over $100 million on various projects due, in part, to Fluor's "revenue recognition" practices.
On August 1, 2019, Fluor Corporation (NYSE: FLR revealed that it would be taking a $714 million charge on the 2Q 2019 Projects, including incurring a $233 million charge on Fluor's project at the Radford Army Ammunition Plant (the "Radford Project").
On February 18, 2020, Fluor Corporation disclosed that it is being investigated by the Securities and Exchange Commission (SEC) and that the 10-K filing for 2019 would be delayed as a result. The Company said the SEC had requested documents and information related to projects for which the Company recorded charges in the second quarter of 2019. Fluor Corporation also stated that it is reviewing prior period reporting, and it is possible it may have material errors in financial statements. In addition, Fluor Corporation (NYSE: FLR announced that Fluor had also commenced an internal investigation into the 2Q 2019 Projects, "focusing initially on the Radford [Project]."
Shares of Fluor Corporation (NYSE: FLR) declined from $20.90 per share on January 16, 2020 to as low as $13.93 per share on February 20, 2020.
The plaintiff claims that between November 2, 2017 and February 14, 2020, Fluor Corporation (NYSE: FLR inflated its revenue and earnings by improperly recognizing revenue on 16 separate projects ("2Q 2019 Projects"), that once awarded a contract to perform work on a construction project, the Company would routinely submit "change orders" to its clients to request additional funds, which the client was not contractually obligated to pay, to cover "unforeseen circumstances", that Defendants repeatedly made false and misleading statements to investors regarding Fluor's revenue recognition practices with respect to its submission of these change orders, and that as a result of Defendants' misrepresentations, shares of Fluor's common stock traded at artificially inflated prices between November 2, 2017 and February 14, 2020.
Those who purchased shares of Fluor Corporation (NYSE: FLR) have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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