San Diego, CA -- (SBWIRE) -- 05/20/2014 -- An investor, who purchased 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.
Investors who purchased shares of KBR, Inc. (NYSE:KBR) have certain options and for certain investors are short and strict deadlines running. Deadline: July 8, 2014. NYSE:KBR investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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, the Company'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 the company’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 16, 2014, NYSE:KBR shares closed at $23.00 per share.
Those who purchased shares of KBR, Inc. have certain options and should contact the Shareholders Foundation.
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