An investigation on behalf of current long term investors in KBR, Inc. (NYSE:KBR) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:KBR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 10/13/2014 -- An investigation on behalf of current long-term investors in shares of KBR, Inc. (NYSE:KBR) concerning potential breaches of fiduciary duties by certain directors and officers of KBR was announced.
Investors who are current long term investors in KBR, Inc. (NYSE:KBR) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554
The investigation by a law firm for current long term investors in NYSE:KBR stocks follows a lawsuit filed against KBR, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:KBR stocks, concerns whether certain KBR officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that 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.
In May 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 9, 2014, NYSE:KBR shares closed at $23.82 per share.
Those who purchased shares of KBR, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com