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KBR Inc (NYSE: KBR) Investor Securities Class Action Lawsuit 05/03/2017

  • If you purchased shares of KBR Inc (NYSE: KBR), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
KBR, Inc.
Security
NYSE: KBR

Case Name
KBR Shareholder Class Action Lawsuit 05/03/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 20, 2018 - The case was voluntarily dismissed.

August 31, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

December 4, 2017 - A motion to dismiss the amended consolidated complaint was filed.

October 20, 2017 - An amended consolidated complaint was filed.

May 3, 2017 - An investor in shares of KBR Inc (NYSE: KBR) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by KBR Inc in connection with certain allegedly false and misleading statements made between February 26, 2016 and April 27, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of KBR Inc (NYSE: KBR) common shares between February 26, 2016 and April 27, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 26, 2016 and April 27, 2017, the defendants made false and/or misleading statements and/or failed to disclose that the Company’s United Kingdom subsidiaries had violated applicable bribery and corruption laws, and that as a result of the foregoing, KBR Inc’s public statements were materially false and misleading at all relevant times.

KBR Inc reported that its annual Total Revenue declined from over $5.09 billion in 2015 to over $4.26 billion in 2016 and that its Net Income of $203 million in 2015 fell to a Net Loss of $61 million in 2016.

Share of KBR Inc (NYSE: KBR) declined from $35.65 per share in October 2013 to as low as $11.99 per share in February 2016.

On April 28, 2017, the United Kingdom Serious Fraud Office announced that “it has opened an investigation into the activities of KBR Inc’s United Kingdom subsidiaries, their officers, employees and agents for suspected offences of bribery and corruption.” It also stated that the “investigation is related to the SFO’s ongoing investigation into the activities of Unaoil.”

Shares of KBR Inc (NYSE: KBR) closed on May 3, 2017, at $14.93 per share.