SAN FRANCISCO, March 02, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in Fluor Corporation (NYSE: FLR) with significant losses to submit their losses now. A securities fraud class action has been filed against the Company and certain investors may have valuable claims.
Class Period: Nov. 2, 2017-Feb. 14, 2020
Lead Plaintiff Deadline: Apr. 28, 2020
Sign Up: www.hbsslaw.com/investor-fraud/FLR
Contact An Attorney Now: FLR@hbsslaw.com
844-916-0895
Fluor Corporation (FLR) Securities Class Action:
The complaint alleges that, throughout the Class Period, Defendants inflated Fluor’s revenue and earnings by improperly recognizing revenue on 16 separate projects (“2Q 2019 Projects”).
The truth emerged through a series of disclosures beginning 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.
Then, on Aug. 1, 2019, Defendants revealed that Fluor 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”).
Finally, on Feb. 18, 2020, Defendants revealed that the SEC was investigating Fluor’s revenue recognition practices related to the 2Q 2019 Projects and had requested information related to those projects. In addition, Defendants announced that Fluor had also commenced an internal investigation into the 2Q 2019 Projects, “focusing initially on the Radford [Project].”
As a result of these disclosures, the price of Fluor common stock declined precipitously.
“We’re focused on investors’ losses and proving that Fluor inflated revenue and earnings through deceptive change orders on its 2Q 2019 Projects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Fluor and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Fluor should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FLR@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895