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If you are a current investor in shares of Fluor Corporation (NEW) (Public, NYSE:FLR), and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
An investigation on behalf of investors of Fluor Corporation (NEW) (NYSE:FLR) was announced over potential breaches of fiduciary duties by the Board of Directors.
The investigation by a law firm on behalf of investors in FLR shares focuses on and/or Officers of Fluor Corp. in connection with allegations that Fluor Corp. may have violated the False Claims Act and the Anti-Kickback Act.
Fluors 12 month total revenue went from $14.078billion in 2006 to $21.990billion in 2009, but fell in 2010 to $20.84billion.. Its Net Income went from $263.45million in 2006 to $678.73million in 2009, but fell in 2010 to $357.50million.
Shares of Fluor Corporation (NEW) (NYSE: FLR) traded in 2006 around $40 before in 2007 FLR shares increased to over $80 per share. FLR shares reached during 2008 over $95 per share. During Fall 2008 FLR shares lost more than 65% in value and fell to as low as $31.90 per share in November 2009. FLR shares were able to increase to as high as $73.99 in March 2011, but fell to recently $61.88 per share.
Recently the U.S. Department of Justice (DOJ) announced that Fluor Corp. had agreed to pay $4 million to resolve allegations that it, by way of its wholly-owned subsidiary Fluor Hanford Inc., knowingly submitted false claims and paid and received kickbacks relating to a contract to operate and manage mixed radioactive waste at the Department of Energys (DOE) Hanford Nuclear Site in Hanford, Washington. According to the DOJ press release, between 2003 and 2008, Fluor Corp. employed individuals known as material coordinators, whose job responsibilities included purchasing supplies for use by Fluor in connection with its DOE contract. Between 2003 and 2008, three such material coordinators, made hundreds of fraudulent purchases using government purchase cards, using their positions and exploiting weaknesses in Fluors internal control system to funnel DOE funds to themselves. Additionally, between 2005 and 2008, at least 14 Fluor Corp. material coordinators solicited, received and accepted kickbacks from a Hanford-area vendor.
