Everus Construction Group is facing a securities fraud investigation by law firms following its fourth quarter and full year 2024 financial results released on February 11, 2025. The investigation centers on allegations that the company's statements regarding its business, operations, and prospects were materially misleading.
Specifically, the complaint alleges that Everus failed to disclose that its backlog conversion cycle had become elongated due to larger, more complex projects, which would result in delayed revenue recognition. This information was revealed when the company stated that its 'backlog conversion may be extended relative to [the] historical pattern over the coming quarters.'
Following this disclosure, Everus's stock price fell $18.88, or 27.6%, over two consecutive trading days to close at $49.54 on February 13, 2025. Investors who purchased shares between October 31, 2024, and February 11, 2025, are being encouraged to contact legal counsel regarding potential claims.
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