|[May 09, 2014]
INVESTOR ALERT: Class Action Lawsuit Against KBR, Inc. Filed By Glancy Binkow & Goldberg LLP
LOS ANGELES --(Business Wire)--
Binkow & Goldberg LLP, representing investors of KBR,
Inc. ("KBR" or the "Company") (NYSE:KBR), has filed a class action
lawsuit in the United States District Court for the Southern District of
Texas on behalf of a class (the "Class") comprising all purchasers of
KBR securities between April 25, 2013 and May 5, 2014, inclusive (the
Please contact Glancy Binkow & Goldberg LLP, toll-free at (888) 773-9224
or at (212) 682-5340, or by email to firstname.lastname@example.org
to discuss this matter.
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 Complaint alleges that throughout the Class Period
defendants issued false and/or misleading statements and/or failed to
disclose material adverse facts concerning KBR's business, operations
and prospects. Specifically, defendants misrepresented and/or failed to
The Company had improperly estimated costs to complete certain
The Company's revenue and financialresults were overstated as a
result of accounting errors in timing the recognition of revenues and
from understating its income tax provision.
The Company's financial statements were not prepared in accordance
with Generally Accepted Accounting Principles.
The Company lacked adequate internal and financial controls.
As a result of the foregoing, the Company's financial statements were
materially false and misleading at all relevant times.
On May 5, 2014, KBR announced that the Audit Committee of the Company's
Board of Directors 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 more than $20 million in previously recognized pre-tax profits. The
Company further announced that it intends to restate its consolidated
financial statement for fiscal 2013, and will postpone filing its Form
10-Q for the period ended March 31, 2014, until after the amended Form
10-K for 2013 is complete. As a result of this news, KBR shares declined
$1.61, nearly 7%, to close on May 5, 2014, at $24.23 per share, on
unusually heavy volume.
If you are a member of the Class described above, you may move the Court
no later than 60 days from the date of this Notice to serve as lead
plaintiff, if you meet certain legal requirements. To be a member of the
Class you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to email@example.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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