Defendant Name:
Fluor Corporation
Defendant Type:
Public Company
Document Reference:
34-98914
Document Details
Legal Case Name
In the Matter of Fluor Corporation
Document Name
Extension Order
Document Date
13-Nov-2023
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The Commission ordered that: "the Division’s request for an extension of time until August 30, 2024, to submit a Proposed Plan of Distribution is granted."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Order extending time to submit proposed plan of distribution
Fair Funds
Monetary Penalties:
Civil Penalty
Individual:
$14,500,000.00
Shared:
Related Documents:
34-98292
06-Sep-2023
Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings, Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 6, 2023, the SEC instituted settled cease-and-desist proceedings against Fluor Corporation, stating: "This matter involves deficiencies in Fluor’s accounting over a period of years for two fixed-price construction projects on which Fluor carried a risk of cost overruns with respect to work within the contract’s scope. Fluor bid on these projects, relying on overly optimistic cost and timing estimates. Following each project’s contract award, Fluor experienced cost overruns that worsened over time. Yet, Fluor failed to maintain a system of internal accounting controls sufficient to account for these contracts in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These failings resulted in inaccurate books and records and ultimately in materially misstated financial statements included in periodic reports filed with the SEC."
2023-170
06-Sep-2023
Press Release--Administrative Proceeding
SEC Charges Fluor Corp. for Accounting Improprieties
On September 6, 2023, the SEC "announced that Irving, Texas-based Fluor Corporation will pay $14.5 million to settle charges stemming from the company’s improper accounting on two large-scale, fixed-price construction projects. Five former and current officers and employees also agreed to settle related charges for causing Fluor’s violations."
34-99144
12-Dec-2023
Administrative Proceeding
Order Appointing Tax Administrator
The Commission ordered that: "Miller Kaplan Arase LLP is appointed as the Tax Administrator for the QSF in the above-referenced proceeding. For the Commission, by the Division of Enforcement, pursuant to delegated authority."
34-99617
28-Feb-2024
Administrative Proceeding
Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing Payment of Fees and Expenses
The Commission ordered that: "A. JND is appointed as the Fund Administrator . . .; B. JND shall obtain a bond . . . in the amount of $14,599,980.00; C. the Fund Administrator will submit invoices to the Commission staff for services
rendered . . . ; and D. at the direction of an Assistant Director of the Office of Distributions, OFM is
authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund."
