Fluor Corporation (FLR) Accused of Misleading Investors About Its Business Prospects
According to the recently filed class action complaint, on August 14, 2013, Fluor Corporation (FLR) 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.
Fluor Shareholders Have Legal Options
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