KBR, Inc. KBR dove 8 percent Friday as traders circulated news that the United Kingdom Serious Fraud Office began investigating suspected bribery and corruption pertaining to an inquiry into Monaco-based Unaoil.
Business As Usual?
However, a KBR representative assured Benzinga the probe was a fairly standard practice.
“Following the disclosure in our filing, in line with normal SFO practice, the SFO has issued a press release concerning its investigation,” the spokesperson said. “KBR is of course responding to the SFO’s requests for information and will continue to do so, including the voluntary submission of information and compliance with all formal requests.”
The representative additionally confirmed the company’s commitment to legal and honest operations.
“We do not tolerate illegal or unethical practices by our employees or others working on behalf of the company,” he said.
KBR had released first-quarter earnings earlier in the day with an adjusted EPS short of estimates by 3.4 percent and sales short by 1.8 percent.
Shares were trading down 8.66 percent at $14.14 at time of publication.
Related Link: Earnings Scheduled For April 28, 2017 _________ Image Credit: "Skyline of downtown Houston, TX, including the KBR Tower" By Jujutacular - Own work, CC BY-SA 3.0, via Wikimedia Commons© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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