FLUOR DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Fluor Corporation To Contact The Firm
NEW YORK, June 29, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Fluor Corporation (“Fluor” or the “Company”) (NYSE:FLR) of the July 24, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Fluor common stock between August 14, 2013 and May 3, 2018 and would like to discuss your legal rights, click here:www.faruqilaw.com/FLR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of all those who purchased Fluor common stock between August 14, 2013 to May 3, 2018 (the “Class Period”). The case, Chun v. Fluor Corporation et al, No. 3:18-cv-01338, was filed on May 25, 2018, and has been assigned to Judge Karen Gren Scholer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately disclose the company’s difficulties with its gas-fired projects. The beginning of the Class Period starts on August 14, 2013, when Fluor issued a press release announcing the beginning of the construction of a natural gas-fueled power station in Brunswick County, Virginia. In the subsequent years, the Company made statements that provided improper estimations of its gas-fired project segment.
Specifically, on August 3, 2017, the Company published results for the second fiscal quarter and six month ended June 30, 2017 in which it reported an after-tax charge of $124 million for estimated cost increases on three gas-fired power projects. The Company’s chairman and chief executive officer, David Seaton, made the following statement regarding the gas-fired project segment: “All three projects, four if you include the Brunswick project that incurred a charge in 2015, had a fundamental problem. And the projects did not meet the original baseline assumptions due to improper estimating, craft productivity and equipment issue.”
After the announcement, Fluor share price fell from $43.86 per share on August 3, 2017 to a closing price of $40.06 on August 4, 2017—a $3.80 or an 8.67% drop.
Then, on May 3, 2018, the Company published results for the first fiscal quarter ended March 31, 2018 in which David Seaton announced that the Company would discontinue its pursuit of lump-sum gas-fired power market from the end of the first quarter.
After the announcement, Fluor share price fell from $58.99 per share on May 3, 2018 to a closing price of $45.76 on May 4, 2018—a $13.23 or a 22.4% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Fluor’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
