NEW YORK, May 15, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of KBR, Inc. ("KBR" or the "Company") (CUSIP: 48242W106). Investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 237.
The investigation concerns whether KBR and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On 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, or more than 6.23%, on intraday trading to $24.23, on unusually heavy trading volume, on May 5, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP firstname.lastname@example.orgSource:Pomerantz LLP