NEW YORK, June 28, 2014 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in KBR, Inc. ("KBR" or the "Company") (NYSE: KBR) of the July 8, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against KBR and certain current and former executives.
A complaint has been filed in the Southern District of Texas on behalf of all persons who purchased KBR securities between April 25, 2013 and May 5, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:(i) the costs to complete certain contracts had been improperly estimated; (ii) KBR's revenue and financial results were overstated resulting from accounting errors in connection with revenue recognition timing and from understating its income tax provision; (iii) the financial statements of the Company were not prepared in compliance with Generally Accepted Accounting Principles; and (iv) KBR did not employ adequate internal and financial controls.
On May 5, 2014, the Company announced that its Board of Directors' Audit Committee had concluded that KBR's previously issued condensed consolidated financial statements for the year ended December 31, 2013 should be restated.
Following this news, the Company's stock declined $1.61 per share, or over 6%, to close at $24.23 per share on May 5, 2014.
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Take Action
If you invested in KBR stock or options between April 25, 2013 and May 5, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/KBR. 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. Faruqi & Faruqi, LLP also encourages anyone with information regarding KBR's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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