RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Fluor Corporation (NYSE: FLR) (“Fluor” or the “Company”) on behalf of investors who purchased or acquired the Company’s securities between August 14, 2013 and May 3, 2018, inclusive (the “Class Period”).
The shareholder class action complaint alleges, among other things, that the Company and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Fluor’s bidding process for gas-fired projects was flawed; (ii) Fluor had improperly estimated gas-fired projects; (iii) as a result, Fluor would face craft productivity issues, equipment issues and other execution issues; (iv) Fluor would incur multiple charges impacting its financial results; and (v) Fluor would ultimately decide to discontinue the pursuit of the gas-fired power market.
On May 3, 2018, Fluor reported a quarterly net loss of $18 million ($0.13 per diluted share) and disclosed that the quarterly results “include an after-tax charge of approximately $96 million, or $0.69 per diluted share, for forecast revisions on a gas-fired power project.” Additionally, the Company reduced its 2018 earnings per share (“EPS”) guidance from $3.10 – $3.50 per diluted share down to $2.10 – $2.50 per diluted share, “due in large part to forecast revisions on a gas-fired power project.”
Following this news, shares of the Company’s stock declined $13.23 per share, or over 22%, to close on May 4, 2018 at $45.76, on heavy trading volume.
IMPORTANT DEADLINE: Investors who purchased Fluor securities during the Class Period may, no later than July 24, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Fluor investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via www.kaskelalaw.com/case/fluor, to discuss their legal rights and options with respect to this action prior to July 24, 2018. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.