According to the law firm press release, KBR provides professional services and technologies across the asset and program life-cycle within the government services and hydrocarbons industries worldwide. The company operates through three segments: Government Services, Technology & Consulting, and Engineering & Construction.
Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s United Kingdom (“UK”) subsidiaries had violated applicable bribery and corruption laws; and (ii) as a result of the foregoing, KBR’s public statements were materially false and misleading at all relevant times.
On April 28, 2017, the United Kingdom’s Serious Fraud Office confirmed that it had opened an investigation into “the activities of KBR’s UK subsidiaries, their officers, employees and agents for suspected offences of bribery and corruption.”
On this news, KBR’s share price fell $1.43, or 9.24%, to close at $14.05 on April 28, 2017.