Why Shares of Fluor Are Falling Today
Shares of Fluor (NYSE: FLR) dropped more than 25% on Tuesday morning after the engineering contractor disclosed a Securities and Exchange Commission investigation into its past accounting and financial reporting. Fluor delayed release of full-year financial statements because of the probe but did provide initial 2020 guidance within range of analyst expectations.
Before markets opened on Tuesday, Fluor said the SEC is conducting an investigation and has requested documents and information related to projects for which the company recorded charges during the second quarter of 2019. Fluor said it is conducting an internal reviews as well, and said it "has not made a determination at this time" about whether there are errors in its statements.
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Source Fool.com
