This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wolf Popper LLP Announces Investigation On Behalf Of Investors Of KBR, Inc.

NEW YORK, May 12, 2014 /PRNewswire/ -- Wolf Popper LLP is investigating potential claims on behalf of purchasers of KBR, Inc. common stock ("KBR") (NYSE: KBR) during the period between April 26, 2013 and May 2, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact Fei-Lu Qian at 877.370.7703 or fqian@wolfpopper.com.

On May 5, 2014, KBR disclosed that its financial statements for the year ended December 31, 2013, will need to be restated, and should no longer be relied upon due to errors with respect to, among other things, the reversal of previously recognized pre-tax profits and the recognition of pre-tax estimated losses on certain Canadian pipe fabrication and module assembly contracts that were awarded during 2012-2013.

Specifically, KBR determined that the estimated costs to complete the contracts 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.  Further, KBR also admitted to improper recognition of revenue of approximately $9 million pre-tax and an error resulting in the understatement of its income tax provision of approximately $6.5 million.

On this news, KBR common stock declined $1.61 per share or more than 6%, to close at $24.23 per share on May 5, 2014.

Wolf Popper LLP has extensive experience representing shareholders in securities class actions and has successfully recovered billions of dollars for defrauded investors.  The reputation and expertise of the firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. See www.wolfpopper.com

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,094.94 -279.82 -1.71%
S&P 500 1,917.89 -33.24 -1.70%
NASDAQ 4,675.7510 -57.7460 -1.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs