KBR Inc (NYSE: KBR) Investor Securities Class Action Lawsuit 05/09/2014

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Company Name(s): 
KBR
Case Name: 
KBR Shareholder Class Action Lawsuit 05/09/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: KBR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/09/2014
Class Period Begin: 
09/11/2013
Class Period End: 
07/30/2014
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
07/08/2014
Date Settled: 
04/06/2017
Settlement Amount: 
$10,500,000
Deadline to Participate in Settlement: 
08/19/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

August 24, 2017 - The court held a final settlement hearing, approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

April 6, 2017 - The court preliminarily approved the settlement.

April 5, 2017 - Parties filed a stipulation of settlement.

December 5, 2014 - The defendants filed a motion to dismiss.

October 20, 2014 - The lead plaintiffs filed consolidated complaint on behalf of investors who purchased KBR Inc (NYSE: KBR) common shares between September 11, 2013 through July 30, 2014. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 11, 2013 through July 30, 2014.

September 9, 2014 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 8, 2014 - The plaintiff filed an amended complaint.

May 9, 2014 - An investor in shares of KBR Inc (NYSE: KBR) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by KBR Inc in connection with certain allegedly false and misleading statements made between April 25, 2013 and May 5, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of KBR Inc (NYSE: KBR) between April 25, 2013 and May 5, 2014, that the defendants violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims defendants allegedly misrepresented and/or allegedly failed to disclose that: KBR Inc had improperly estimated costs to complete certain contracts, that KBR Inc's revenue and financial results were overstated as a result of accounting errors in timing the recognition of revenues and from understating its income tax provision, that KBR Inc’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles, that KBR Inc lacked adequate internal and financial controls, and that as a result of the foregoing, KBR Inc's financial statements were materially false and misleading at all relevant times.

Then on May 5, 2014, KBR Inc announced that the Audit Committee of KBR Inc’s Board of Directors has 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. Shares of KBR Inc (NYSE: KBR) declined from $25.83 per share on May 2, 2014, to $23.11 per share on May 7, 2014.

On May 9, 2014, KBR Inc (NYSE: KBR) shares closed at $23.82 per share.