Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in KBR Inc. (NYSE:KBR) in connection to alleged violations of securities laws by KBR. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in KBR Inc. between February 26, 2016 through April 27, 2017.
The class action complaint specifically alleges that during the period in question, KBR might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company’s subsidiaries in the United Kingdom had participated in violations of bribery and corruption laws; and that thus the company’s statements to the public were misleading and materially false during the relevant period. When the UK’s Serious Fraud Office disclosed, on April 28, 2017, that it was involved in an investigation of “the activities of KBR’s UK subsidiaries, their officers, employees and agents for suspected offences of bribery and corruption,” KBR declined in value $1.43/share, or more than 9%, to close at $14.05/share on that date.
According to the company’s website, KBR Inc. is “a global provider of differentiated professional services and technologies across the asset and program life cycle within the Government Services and Hydrocarbons sector.” The description continues: “KBR employs approximately 34,000 people worldwide (including our joint ventures), with customers in more than 80 countries, and operations in 40 countries, across three synergistic global businesses.”