BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Fluor Corporation (“Fluor” or the “Company”) (NYSE: FLR) between August 14, 2013, and May 3, 2018, inclusive (the “Class Period”). Fluor investors have until July 24, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Fluor investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On May 3, 2018, Fluor issued a press release announcing its first quarter 2018 financial results, disclosing an after-tax charge of approximately $96 million for forecast revision on a gas-fired power project. Fluor revised its 2018 guidance for Earnings Per Share to $2.10-$2.50 per diluted share. On this news, shares of Fluor fell more than 22% to close at $45.76 on May 4, 2018, thereby injuring investors.
The complaint filed in this class action alleges that Fluor made false and misleading statements to the marketplace. It alleges that the Company's procedures for bidding on gas-fired power plant projects suffered from flaws. Fluor improperly estimated the costs for completing gas-fired plant projects, resulting in equipment, productivity, and other project completion problems. These problems caused Fluor to face charges impacting quarterly results. Ultimately, Fluor discontinued operations in the gas-fired power market. As a result of these facts, the Company's statements about its business prospects and operations were false and misleading during the class period.
If you purchased shares of Fluor, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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