On September 15, 2017, Pomerantz LLP was appointed Lead Counsel in a class action lawsuit filed against KBR, Inc. (“KBR” or the “Company”) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, Houston Division, and docketed under 17-cv-01375, is on behalf of a class consisting of investors who purchased or otherwise acquired KBR securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
KBR provides professional services and technologies across the asset and program life-cycle within the government services and hydrocarbons industries worldwide. The company operates through three segments: Government Services, Technology & Consulting, and Engineering & Construction.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s United Kingdom (“UK”) subsidiaries had violated applicable bribery and corruption laws; and (ii) as a result of the foregoing, KBR’s public statements were materially false and misleading at all relevant times.
On April 28, 2017, the United Kingdom’s Serious Fraud Office confirmed that it had opened an investigation into “the activities of KBR’s UK subsidiaries, their officers, employees and agents for suspected offences of bribery and corruption.”
On this news, KBR’s share price fell $1.43, or 9.24%, to close at $14.05 on April 28, 2017