In re KBR, Inc. Securities Litigation
We secured a $10.5 million settlement in this securities class action against construction giant, KBR, Inc.
On September 5, 2014, Labaton Sucharow was appointed co-lead counsel for lead plaintiffs in the securities class action against KBR, Inc. (KBR), and certain of KBR's officers on behalf of all purchasers of KBR common stock from September 11, 2013 through July 30, 2014.
On October 20, 2014, the lead plaintiffs filed a Consolidated Class Action Complaint, which alleges that the KBR defendants made false and misleading statements with respect to certain Canadian construction contracts that were accounted for as part of the company's Services Business segment. Although the KBR defendants on numerous occasions allegedly touted the success of these contracts, KBR ultimately had to issue a restatement because it had failed recognize more than $150 million in pre-tax losses tied to its Canadian construction contracts.
On September 3, 2015, the court denied the defendants' motion to dismiss in its entirety. On July 8, 2016, the court granted the plaintiffs' motion for class certification for the entire class period requested.
On April 6, 2017, Labaton Sucharow announced that it reached a $10.5 million settlement, subject to court approval, with KBR. On April 10, 2017, the court granted preliminary approval to the settlement.
The case is In re KBR, Inc. Securities Litigation, No. 14-cv-01287 (S.D. Tex.). The lead plaintiffs are Arkansas Public Employees Retirement System and the IBEW Local No. 58 / SMC NECA Funds. Labaton Sucharow represents the IBEW Local No. 58 / SMC NECA Funds. The defendants are KBR, Inc. and certain of KBR's officers.
Submit Proof of Claim
If you purchased or otherwise acquired the publicly traded common stock of KBR during the period from September 11, 2013 through July 30, 2014, inclusive, you may be entitled to receive money from the proposed settlement.
To be eligible for a payment, you must submit a Claim Form by August 19, 2017 in accordance with the instructions set forth in the Notice.
Settlement Fairness Hearing
A Settlement Fairness Hearing has been rescheduled. It will now be held on August 24, 2017 at 2:00 p.m. before the Honorable Lee H. Rosenthal at the United States Courthouse, Courtroom 11B, 515 Rusk Avenue, Houston, TX 77002.
If you have questions about the settlement, please contact Labaton Sucharow at firstname.lastname@example.org or 1-888-219-6877, or contact the Claims Administrator, Epiq, at (844) 685-5620.