Defendant Name: KBR, Inc.

Defendant Type: Public Company
SIC Code: 1629
CUSIP: 48242W10

Document Reference: 33-10516

Document Details

Legal Case Name In the Matter of KBR, Inc.
Document Name Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date 02-Jul-2018
Document Format Administrative Proceeding
File Number 3-18569
AAER 3946
Allegation Type Issuer Reporting and Disclosure
Document Summary On July 2, 2018, the SEC issued an order against KBR, Inc., stating: "KBR is a global engineering, construction, and services company based in Houston, Texas. On May 30, 2014, KBR filed a Form 10-K/A that: (a) restated and amended earnings in its consolidated financial statements for the fiscal year ended December, 31, 2013, and its unaudited consolidated financial statements for the third quarter of 2013; (b) reduced its disclosed backlog as of the fiscal year ended December 31, 2013; and (c) identified a material weakness in its internal control over financial reporting."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:

Civil Penalty

Individual:     $2,500,000.00 Shared:    

Related Documents:

2018-127 02-Jul-2018 Press Release--Administrative Proceeding
SEC Charges KBR for Inflating Key Performance Metric and Accounting Controls Deficiencies
On July 2, 2018, the SEC issued a press release regarding SEC charges against KBR Inc., stating: "The Securities and Exchange Commission today charged global engineering and construction company KBR Inc. with inflating a key, non-financial statement performance metric known as work in backlog. KBR agreed to pay a $2.5 million penalty to settle the SEC's charges." Furthermore, "The SEC's order also found that KBR had deficient internal accounting controls and failed to make accurate and reliable estimates of the costs to complete seven Canadian contracts, which led the company to overstate net income."