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Shareholder Alert: Robbins LLP Announces Fluor Corporation (FLR) Sued for Misleading Shareholders

March 3, 2020 GMT

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

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

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.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200303005753/en/

CONTACT: Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

lkandinov@robbinsllp.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2020.

PUB: 03/03/2020 11:24 AM/DISC: 03/03/2020 11:24 AM

http://www.businesswire.com/news/home/20200303005753/en