Fluor Corporation, a multinational engineering and construction firm based in San Diego, CA, was involved in a securities class action lawsuit known as Chun v. Fluor Corporation, et al. The lawsuit alleged that the company made misrepresentations and omissions of material fact in public statements regarding large, fixed-price projects, resulting in alleged violations of the Securities Exchange Act of 1934. The lawsuit was settled for a total amount of $33 million, which will be used to compensate investors who purchased or acquired Fluor common stock between August 14, 2013, and February 14, 2020.
The settlement, approved by the United States District Court for the Northern District of Texas, resolves the dispute between the plaintiffs and defendants, although they disagree on liability and damages. While the defendants deny any wrongdoing, the lead plaintiffs believe their claims have merit and that the class could have potentially collected a substantial amount of money if they had prevailed in court. For more information about the settlement and the lawsuit, interested parties can contact the Claims Administrator or the representatives of Lead Counsel for the Settlement Class.
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