Shareholder Alert: Robbins Arroyo LLP: Fluor Corporation (FLR) Misled Shareholders According to Class Action
Shareholder rights law firm Robbins
Arroyo LLP reminds investors that purchasers of Fluor Corporation
(NYSE: FLR) recently filed a class action complaint against the
company's officers and directors for alleged violations of the
Securities Exchange Act of 1934 between August 14, 2013 and May 3, 2018.
Fluor, through its subsidiaries, provides engineering, procurement,
construction, fabrication and modularization, commissioning and
maintenance, and project management services worldwide.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/fluor-corporation-july-2018
Fluor Accused of Misleading Investors About Its Gas-Fired Projects
According to the complaint, on August 14, 2013, Fluor announced that it
was starting a natural gas-fueled power station in Virginia and
subsequently reported encouraging prospects for other gas projects
around the country. On May 1, 2014, in announcing its first quarter
results for 2014, Fluor stated that its Oil & Gas group was performing
"extremely well," posting nearly $9 billion in new awards and growing
profitability by 32%. On August 3, 2017, Fluor began to reveal that it
was encountering challenges with its gas-fired power projects. Then, on
May 3, 2018, Fluor reported a net loss of $18 million and slashed its
guidance for earnings per share from $3.10 to $3.50 per diluted share to
$2.10 to $2.50 per diluted share. Fluor also announced that it would
stop pursuing the gas-fired power market as 10 of its 12 gas-fired
projects initiated since 2003 had underperformed. On this news, Fluor's
stock fell over 22% to close at $45.76 per share on May 4, 2018.
Fluor Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180705005574/en/
Copyright Business Wire 2018
Source: Business Wire
(July 5, 2018 - 3:58 PM EDT)
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