The Rosen Law Firm, P.A. announces that it is investigating potential civil securities claims against KBR, Inc. (NYSE: KBR) resulting from allegations that the Company may have issued materially inaccurate statements about the Company’s true financial condition and prospects.
On May 5, 2014, KBR announced that the Company’s previously issued consolidated financial statements for the year ended December 31, 2013, "should no longer be relied upon and should be restated." Specifically, the Company identified substantial errors with the estimated costs to complete certain of its contracts, which will result in pre-tax charges of over $150 million, including a reversal over $20 million of previously recognized pre-tax profits. The Company also admitted to improper recognition of revenue of approximately $9.0 million pre-tax and an error resulting in the understatement of its income tax provision of approximately $6.5 million.
The Rosen Law Firm is preparing a securities class action lawsuit on behalf of KBR investors. If you purchased KBR stock prior to May 5, 2014 please visit the website at http://rosenlegal.com to join the class action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.Attorney Advertising. Prior results do not guarantee a similar outcome.