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Case Status:    SETTLED
On or around 04/11/2017 (Ongoing date of last review)

Filing Date: May 09, 2014

According to the law firm press release, 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 disclose that: the Company had improperly estimated costs to complete certain contracts; the Company’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; the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; the Company lacked adequate internal and financial controls; and 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.

On July 8, 2014, an amended complaint was filed.

On September 8, 2014, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. Lead plaintiff filed an amended complaint on October 20. Defendants responded with a Motion to Dismiss filed on December 5.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KBR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 14-CV-01287
JUDGE: Hon. Lee H Rosenthal
DATE FILED: 05/09/2014
CLASS PERIOD START: 04/25/2013
CLASS PERIOD END: 05/05/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 14-CV-01287
JUDGE: Hon. Lee H Rosenthal
DATE FILED: 10/20/2014
CLASS PERIOD START: 09/11/2013
CLASS PERIOD END: 07/30/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ajamie LLP
    711 Louisiana, Suite 2150, Ajamie LLP, TX 77002
    713.860.1600 713.860.1699 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date