Business Wire 14-Sep-2018 5:32 PM
Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Fluor Corporation (NYSE:FLR) have filed a shareholder derivative complaint against the company's officers and directors for breaches of fiduciary duties beginning August 13, 2013 and continuing through the present. Fluor provides engineering, procurement, construction, fabrication, and modularization, commissioning and maintenance, and project management services worldwide.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/fluor-corporation-sept-2018/
Fluor Accused of Misleading Investors About Its Business Prospects
According to the complaint, on August 14, 2013, Fluor announced that it was starting a natural gas-fueled power station in Virginia and subsequently reported encouraging prospects for other gas projects around the country. For years, Fluor stated that its Oil & Gas group was performing "extremely well" and noted a higher volume of project execution activities, while failing to reveal that it was encountering challenges with its gas-fired power projects. Then, on May 3, 2018, Fluor reported a net loss of $18 million and slashed its guidance for earnings per share from $3.10 to $3.50 per diluted share to $2.10 to $2.50 per diluted share. Fluor also announced that it would stop pursuing the gas-fired power market as 10 of its 12 gas-fired projects initiated since 2003 had underperformed. On this news, Fluor's stock fell over 22% to close at $45.76 per share on May 4, 2018.
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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