Fluor Corporation (NYSE: FLR) Investor Securities Class Action Lawsuit 02/28/2020

If you purchased a significant amount of shares of Fluor Corporation (NYSE: FLR) between November 2, 2017 and February 14, 2020, and / or if you purchased any NYSE: FLR shares prior to November 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 28, 2020. NYSE: FLR investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Fluor
Case Name: 
Fluor Shareholder Class Action Lawsuit 02/28/2020
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: FLR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/28/2020
Class Period Begin: 
11/02/2017
Class Period End: 
02/14/2020
Court of Filing: 
U.S. District Court for the Northern District of Texas
Deadline To File for Lead: 
04/28/2020
Summary: 

An investor in shares of Fluor Corporation (NYSE: FLR) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by Fluor Corporation in connection with certain allegedly false and misleading statements made between November 2, 2017 and February 14, 2020.

Irving, TC based Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, operation, maintenance and asset integrity, and project management services worldwide.

On May 2, 2019, when Fluor announced the immediate departure of its CEO, David T. Seaton, significantly reduced its earnings guidance, and disclosed that Fluor was taking charges of over $100 million on various projects due, in part, to Fluor's "revenue recognition" practices.

On August 1, 2019, Fluor Corporation (NYSE: FLR revealed that it would be taking a $714 million charge on the 2Q 2019 Projects, including incurring a $233 million charge on Fluor's project at the Radford Army Ammunition Plant (the "Radford Project").

On February 18, 2020, Fluor Corporation disclosed that it is being investigated by the Securities and Exchange Commission (SEC) and that the 10-K filing for 2019 would be delayed as a result. The Company said the SEC had requested documents and information related to projects for which the Company recorded charges in the second quarter of 2019. Fluor Corporation also stated that it is reviewing prior period reporting, and it is possible it may have material errors in financial statements. In addition, Fluor Corporation (NYSE: FLR announced that Fluor had also commenced an internal investigation into the 2Q 2019 Projects, "focusing initially on the Radford [Project]."

Shares of Fluor Corporation (NYSE: FLR) declined from $20.90 per share on January 16, 2020 to as low as $13.93 per share on February 20, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Fluor Corporation (NYSE: FLR) common shares between November 2, 2017 and February 14, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 2, 2017 and February 14, 2020, Fluor Corporation (NYSE: FLR inflated its revenue and earnings by improperly recognizing revenue on 16 separate projects ("2Q 2019 Projects"), that once awarded a contract to perform work on a construction project, the Company would routinely submit "change orders" to its clients to request additional funds, which the client was not contractually obligated to pay, to cover "unforeseen circumstances", that Defendants repeatedly made false and misleading statements to investors regarding Fluor's revenue recognition practices with respect to its submission of these change orders, and that as a result of Defendants' misrepresentations, shares of Fluor's common stock traded at artificially inflated prices between November 2, 2017 and February 14, 2020.