Offices of Howard G. Smith announces that it is investigating
potential claims on behalf of investors of KBR, Inc. ("KBR" or the
"Company") (NYSE:KBR). The investigation concerns possible violations of
federal securities laws, and focuses on certain statements issued by the
Company concerning KBR's financial performance.
KBR operates as an engineering, construction and services company,
supporting the energy, hydrocarbons, power, minerals, civil
infrastructure, government services, industrial and commercial market
segments. The investigation is related to the Companys May 5, 2014,
announcement that the Audit Committee of the Company's Board of
Directors has concluded that KBR`s previously issued consolidated
financial statements for the year ended December 31, 2013, should no
longer be relied upon and should be restated. KBR determined that the
estimated costs to complete seven Canadian pipe fabrication and module
assembly contracts that were awarded during 2012-2013 will result in
pre-tax charges of more than $150 million, including the reversal of $23
million in previously recognized pre-tax profits and the recognition of
approximately $135 million in pre-tax estimated losses at completion.
According to the Company, "the majority of these losses should have been
recognized in our consolidated financial statements for the year ended
December 31, 2013."
If you purchased KBR shares prior to May 5, 2014, if you have
information or would like to learn more about these claims, or if you
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to firstname.lastname@example.org,
or visit our website at www.howardsmithlaw.com.
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