Recent Securities Litigations
Fluor Corporation Common Stock (NYSE: FLR)
According to the Complaint, Fluor Corporation is a global engineering, procurement, construction, and maintenance company that designs, builds and maintains energy and gas facilities for both public and private clients.
The Complaint alleges that, throughout the Class Period, Defendants inflated Fluor’s revenue and earnings by improperly recognizing revenue on 16 separate projects (“2Q 2019 Projects”). The Complaint further alleges that once awarded a contract to perform work on a construction project, the Company would routinely submit “change orders” to its clients to request additional funds, which the client was not contractually obligated to pay, to cover “unforeseen circumstances” and that Defendants repeatedly made false and misleading statements to investors regarding Fluor’s revenue recognition practices with respect to its submission of these change orders.