Fluor on April 30 received a Justice Department subpoena seeking various documents relating to charges reported by the company during the second quarter of 2019, according to a May 8 filing with the Securities and Exchange Commission.
The SEC in February launched an investigation into Fluor’s financial reporting and accounting during 2019. The Justice Department now wants information on projects associated with the 2019 charges.
The Texas-based Energy Department contractor is “coordinating its response to the SEC and DOJ and cooperating in providing the requested documents and information,” Fluor said in its new filing. As previously disclosed, a special committee of Fluor’s Board of Directors is performing its own review of the company’s prior-period financial reporting.
Fluor spokesman Brian Mershon declined to further discuss the SEC filing.
In February, Fluor issued only partial earnings for the first quarter of its fiscal 2020, which is the last calendar quarter of 2019. Fluor has not said when it expects to file the full earnings report.
Fluor also suspended its dividend as of April 29, 2020. The company is continuing its cost reduction efforts, which included pay cuts for top executives.
Fluor also reported Tuesday it will be late in filing its regular 10-Q quarterly report, for the period ended March 31, with the SEC.
Fluor’s stock price at around 1:30 p.m. Friday was $9.27 per share, down from $29.53 per share on May 13, 2019.
Fluor-led Savannah River Nuclear Solutions is the management contractor for the Energy Department’s Savannah River Site in South Carolina. The company also manages cleanup at the Idaho National Laboratory and partners with BWX Technologies for remediation at the Portsmouth Site in Ohio.
Fluor got some good news this week. It is part of a joint venture, led by BWXT, that received a contract Thursday with a potential value of $13 billion to oversee radioactive-waste tank closures at DOE’s Hanford Site in Washington state.
