RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Fluor Corporation (NYSE: FLR) (“Fluor” or the “Company”) publicly traded securities between August 14, 2013 and May 3, 2018, inclusive (the “Class Period”).
Fluor shareholders may, no later than July 24, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Fluor and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The complaint alleges, among other things, that the Company and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Fluor’s bidding process for gas-fired projects was flawed; (ii) Fluor had improperly estimated gas-fired projects; (iii) as a result, Fluor would face craft productivity issues, equipment issues and other execution issues; (iv) Fluor would incur multiple charges impacting its financial results; and (v) Fluor would ultimately decide to discontinue the pursuit of the gas-fired power market.
On May 3, 2018, Fluor reported a quarterly net loss of $18 million ($0.13 per diluted share) and disclosed that the quarterly results “include an after-tax charge of approximately $96 million, or $0.69 per diluted share, for forecast revisions on a gas-fired power project.” Additionally, the Company reduced its 2018 earnings per share (“EPS”) guidance from $3.10 – $3.50 per diluted share down to $2.10 – $2.50 per diluted share, “due in large part to forecast revisions on a gas-fired power project.”
Following this news, shares of the Company’s stock declined $13.23 per share, or over 22%, to close on May 4, 2018 at $45.76, on heavy trading volume.
If you are a member of the class, you may, no later than July 24, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.