SAN DIEGO & IRVING, Texas--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Fluor Corporation (NYSE: FLR) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between August 14, 2013 and May 3, 2018. Fluor, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, and project management services worldwide.
View this information on the law firm's Shareholder Rights Blog:
Fluor Accused of Misleading Investors About Its Gas-Fired Projects
According to the complaint, on August 14, 2013, Fluor announced that it was starting a natural gas-fueled power station in Virginia and subsequently reported encouraging prospects for other gas projects around the country. On May 1, 2014, in announcing its first quarter results for 2014, Fluor stated that its Oil & Gas group was performing "extremely well," posting nearly $9 billion in new awards and growing profitability by 32%. On August 3, 2017, Fluor began to reveal that it was encountering challenges with its gas-fired power projects, including that the projects did not meet the original baseline assumptions due to improper estimating, craft productivity, and equipment issues. On May 3, 2018, Fluor reported a net loss of $18 million and slashed its guidance for earnings per share from $3.10 to $3.50 per diluted share to $2.10 to $2.50 per diluted share. Fluor also announced that it would stop pursuing lump-sum gas-fired power market from the end of the first quarter. On this news, Fluor's stock fell over 22% to close at $45.76 per share on May 4, 2018.
Fluor Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo 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.
Attorney Advertising. Past results do not guarantee a similar outcome.