Shareholder Alert: Robbins LLP Announces Fluor Corporation (FLR) Sued for Misleading Shareholders
SAN DIEGO & IRVING, Texas--(BUSINESS WIRE)--Mar 3, 2020--
Shareholder rights law firm Robbins LLP announces that a purchaser of Fluor Corporation (NYSE: FLR) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between November 2, 2017 and February 14, 2020. Fluor provides engineering, procurement, construction, fabrication and modularization, operation, maintenance and asset integrity, and project management services.
If you suffered a loss as a result of Fluor’s misconduct, click here.
Fluor Corporation (FLR) Accused of Improperly Inflating Revenue
According to the complaint, throughout the relevant period, Fluor would improperly recognize revenue on its projects by routinely submitting “change forms” to its clients requesting additional funds to cover its costs overruns from “unforeseen circumstances” and booking this additional revenue when it determined it was “likely” the client would accept the change order. These tactics to inflate revenue were thwarted on August 1, 2019, when Fluor revealed the Company would be taking a $714 million pre-tax charge on approximately 16 different projects in addition to a $233 million charge on a project Fluor sub-contracted. Then, on February 18, 2020, Fluor revealed that it would not be able to complete and file its Form 10-K on time due to SEC and internal investigations of Fluor’s past accounting and financial reporting. On this news, the stock fell to $14.79 per share, representing an almost 75% decline from its class period high of $58.16 per share.
Fluor Corporation (FLR) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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SOURCE: Robbins LLP
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PUB: 03/03/2020 11:24 AM/DISC: 03/03/2020 11:24 AM