Fluor Corporation ("Fluor") is a holding company providing through various entities engineering, procurement, construction, fabrication and modularization, commissioning and maintenance and management services for clients (including the U.S. federal government) in industries such as oil and gas, chemicals and petrochemicals, mining and metals, transportation, power, life sciences and advanced manufacturing.
According to the law firm press release, the Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) Fluor’s bidding process for projects related to the construction of gas-fired power generation facilities was flawed; (ii) Fluor had improperly estimated the gas-fire projects; (iii) as a result, Fluor would face craft productivity issues, equipment issues and other execution issues; (iv) Fluor would incur multiple charges impacting quarterly results; and (v) Fluor would ultimately decide to discontinue the pursuit of the gas-fired power market.
On December 10, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated Complaint on March 8, 2019. Defendants filed a Motion to Dismiss the consolidated Complaint on July 15. On March 5, 2020, the Court issued an Order granting in part Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend the Complaint. On April 2, Lead Plaintiffs filed an amended consolidated Complaint. The Court issued an Order consolidating cases on May 26.