BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all purchasers of the securities of KBR, Inc. (“KBR” or the “Company”) (NYSE:KBR) between April 25, 2013 and May 5, 2014, inclusive (the “Class Period”).
KBR operates as an engineering, construction and services company, supporting the energy, hydrocarbons, power, minerals, civil infrastructure, government services, industrial and commercial market segments. The Complaint alleges that throughout the Class Period defendants issued false and/or misleading statements and/or failed to disclose material adverse facts concerning KBR’s business, operations and prospects. Specifically, defendants misrepresented and/or failed to disclose that:
- The Company had improperly estimated costs to complete certain contracts.
- The Company’s revenue and financial results were overstated as a result of accounting errors in timing the recognition of revenues and from understating its income tax provision.
- The Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
- The Company lacked adequate internal and financial controls.
- As a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
If you are a member of the Class described above, you have until July 8, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.