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May 8, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of KBR, Inc. ("KBR" or the "Company") (NYSE: KBR). The investigation focuses on whether the Company and its executives violated federal securities laws.
May 5, 2014, Company announced in a press release that the Audit Committee of the Company's Board of Directors has concluded that KBR`s previously issued consolidated financial statements for the year ended
December 31, 2013, should no longer be relied upon and required restatement. KBR 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 $23 million in previously recognized pre-tax profits and the recognition of approximately
$135 million in pre-tax estimated losses at completion.
On this news, shares of KBR fell
$1.61 to close at
$24.23, on unusually heavy trading volume, on
May 5, 2014.
If you are aware of any facts relating to this investigation, or purchased shares of KBR you can assist this investigation by contacting either
Peretz Bronstein or his Investor Relations Coordinator
Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.