SAN DIEGO, June 10, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline is coming up on July 8, 2014 to get actively involved in the lawsuit filed for certain investors in shares of KBR, Inc. (KBR) over alleged Securities Laws Violations by KBR, Inc.
If you purchased shares KBR, Inc. (KBR), you have certain options and for certain investors are short and strict deadlines running. Deadline: July 8, 2014. KBR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants allegedly misrepresented and/or allegedly failed to disclose that: KBR, Inc. had improperly estimated costs to complete certain contracts, that KBR, Inc.'s revenue and financial results were overstated as a result of accounting errors in timing the recognition of revenues and from understating its income tax provision, that KBR, Inc.'s financial statements were not prepared in accordance with Generally Accepted Accounting Principles., that KBR, Inc. lacked adequate internal and financial controls., and that as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On May 5, 2014, KBR, Inc. announced that the Audit Committee of the company's Board of Directors has concluded that the company's previously issued condensed consolidated financial statements for the year ended December 31, 2013, should no longer be relied upon and should be restated. The Company's Audit Committee determined that the estimated costs to complete seven Canadian pipe fabrication and module assembly contracts that were awarded during 2012-2013 will result in pre-tax charges of more than $150 million, including the reversal of more than $20 million in previously recognized pre-tax profits. As a result, KBR, Inc. further announced that it would be restating its consolidated financial statements for 2013 and will postpone filing its Form 10-Q for the period ended March 31, 2014, until after its amended Form 10-K for the 2013 is completed.
Shares of KBR, Inc. declined from $25.83 per share on May 2, 2014, to $22.48 per share on May 22, 2014.
Those who purchased shares of KBR, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
