SAN FRANCISCO, Feb. 18, 2020 /PRNewswire/ -- Hagens Berman urges Fluor Corporation (NYSE: FLR) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. The firm is investigating possible securities fraud and certain Fluor investors may have valuable claims.
Fluor Corporation (FLR) Investigation:
The investigation focuses on the propriety of Fluor's reported revenue and recorded charges for certain projects, including for its troubled Radford Munition Facility government project.
On Aug. 1, 2019, Fluor reported disappointing 2Q 2019 financial results, caused primarily by $664 million of project charges. This included a charge of $233 million for a government project later identified as the Radford project.
Then, on Oct. 31, 2019, Fluor released its 3Q 2019 financial results, reporting another $73 million in charges, including on its Radford project. The Company explained that it was "continuing to be affected by the lack of critical client furnished data impacting our engineering efforts and our schedules."
Finally, on Feb. 18, 2020, Fluor announced that the SEC is conducting an investigation and has requested documents and information related to projects for which the Company recorded charges during the second quarter of 2019. On a conference call with investors, Fluor Executive Chairman Alan Boeckmann also disclosed, "In the course of responding to the SEC's data requests and conducting our own internal review, the company is looking at its prior revenue recognition charges and related control environment, focusing initially on the Radford contract." The Company also announced it would not file its annual report on Form 10-K before the end of February.
This news drove the price of Fluor shares sharply lower during intraday trading on Feb. 18, 2020.
"We're focused on whether Fluor's previously reported financial results were misleading and, if so, recovering investors' losses," said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding Fluor should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP