NEW YORK, May 7, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm announces that it is investigating possible securities law violations involving KBR, Inc. ("KBR" or the "Company") (KBR) following the Company's disclosure that the Audit Committee of KBR's Board of Directors concluded that the Company's previously issued condensed consolidated financial statements for the year ended December 31, 2013, "should no longer be relied upon and should be restated." KBR was unable to provide any estimate of when it may be able to correct the internal problems.
Specifically, the Company determined that there were significant defects with its estimated costs to complete certain of its contracts, which will result in pre-tax charges in excess of $150 million and includes the reversal of over $20 million in previously recognized profits. KBR cautioned investors that its investigation continues. As such, it is possible that further investigation will reveal additional financial statements that need to be restated.
News of the financial irregularities shocked the market, and the Company's stock price fell immediately. This drop in value cost KBR's investors collectively approximately $200 million, and the stock's price continues to plummet, further damaging investors.
Tripp Levy PLLC's investigation seeks to determine, among other things, whether KBR or its officers and directors have violated the federal securities laws. If you are a shareholder of KBR and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC is a leading national securities law firm that has extensive experience in securities litigation and, along with its affiliates, has recovered billions of dollars on behalf of shareholders around the globe. Tripp Levy PLLC has become affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC