Join The Class Action Suit
Company: Fluor Corporation
Kaskela Law LLC is investigating Fluor Corporation (NYSE: FLR) (“Fluor” or the “Company”) on behalf of the Company’s stockholders. The investigation seeks to determine whether the members of Fluor’s board of directors violated the securities laws and/or breached their fiduciary duties.
Recently a securities fraud complaint was filed against Fluor in federal court on behalf of investors who purchased shares of Fluor’s common stock between November 2, 2017 and February 14, 2020. According to the complaint, during that period Fluor and certain executive officers were “secretly utilizing change orders, among other tactics, to improperly inflate the Company’s revenue and earnings by recognizing additional revenue on its contracts despite having no reasonable basis to do so.”
As further detailed in the complaint, on May 2, 2019, Fluor disclosed that its Chief Executive Officer (“CEO”) David T. Seaton had left the Company, effective immediately, and that the Company (i) had reduced its earning guidance and (ii) was taking over $100 million in charges. Following this news, shares of Fluor’s stock declined $9.43 per share, or 24% in value, to close at $29.72 per share on May 2, 2019.
On August 1, 2019, Fluor disclosed that it would be taking a $714 million pre-tax charge on approximately 16 different projects. Following this news, shares of Fluor’s stock declined an additional $8.24 per share, to close at $22.67 per share on August 2, 2019.
Finally, on February 18, 2020, Fluor disclosed that the SEC was investigating Fluor’s past accounting and financial reporting. Following this news, shares of Fluor’s stock declined an additional $4.75 per share, to close at $14.79 per share on February 18, 2020.
Current Fluor stockholders who purchased or acquired shares of the Company’s stock prior to November 2, 2017 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by completing the information form on this page, to discuss this investigation and their legal rights and options.