Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against KBR, Inc. (“KBR” or “Company”) (NYSE: KBR) and several officers and directors for acts taken during the period of April 25, 2013 to May 5, 2014 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of KBR. If you are an affected KBR shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) KBR had improperly estimated costs to complete certain contracts; b) due to accounting errors resulting from timing of the recognition of revenues and from understating its income tax provisions KBR’s revenue and financial results were overstated; c) as a result KBR’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; d) KBR lacked sufficient internal and financial controls; and e) based on the above the Company’s financial statements were materially false and misleading at all relevant times. When the truth regarding the Company’s financial performance and future prospects was revealed, KBR’s stock plummeted.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.