This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against KBR, Inc.

NEW YORK, May 13, 2014 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers (the "Class") of securities of KBR, Inc. ("KBR" or the "Company") (NYSE: KBR) during the period of April 25, 2013 and May 5, 2014 (the "Class Period").

Bernstein Liebhard LLP

KBR operates as an engineering, construction and services company, supporting the energy, hydrocarbons, power, minerals, civil infrastructure, government services, industrial and commercial market segments.  The Complaint alleges that throughout the Class Period defendants issued false and/or misleading statements and/or failed to disclose material adverse facts concerning KBR's business, operations and prospects. Specifically, defendants misrepresented and/or failed to disclose that:  the Company had improperly estimated costs to complete certain contracts; the Company'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; the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; and the Company lacked adequate internal and financial controls.  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 announced that the Audit Committee of the Company's Board of Directors concluded that KBR's previously issued consolidated financial statements for the year ended December 31, 2013 should no longer be relied upon and should be restated.  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 more than $20 million in previously recognized pre-tax profits.  The Company also announced that it intends to restate its consolidated financial statement for fiscal 2013, and will postpone filing its Form 10-Q for the period ended March 31, 2014 until after the amended Form 10-K for 2013 is complete.  As a result of this news, KBR shares declined $1.61, nearly 7%, to close on May 5, 2014, at $24.23 per share, on unusually heavy volume.

Plaintiffs seek to recover damages on behalf of all Class members who invested in KBR securities during the Class Period.  If you invested in KBR securities as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff.  In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 8, 2014.

A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as lead plaintiff.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs