Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Everus Construction Group, Inc. due to allegations of violations of federal securities laws, particularly concerning misleading statements about the company's backlog and revenue recognition [3][5]. Group 1: Legal Investigation and Class Action - The law firm is encouraging investors who suffered losses in Everus between October 31, 2024, and February 11, 2025, to discuss their legal rights [1]. - A federal securities class action has been filed against Everus, with a deadline of June 3, 2025, for investors to seek the role of lead plaintiff [3][7]. - The lead plaintiff is defined as the investor with the largest financial interest who directs the litigation on behalf of the class [7]. Group 2: Allegations Against Everus - The complaint alleges that Everus and its executives made false or misleading statements regarding the company's backlog conversion cycle, which has become elongated due to larger and more complex projects [5]. - As a result of the backlog issues, the company's revenue recognition is expected to be delayed, contradicting previous positive statements about its business prospects [5]. - Following the release of its fourth-quarter and full-year 2024 financial results, Everus's stock price fell by 49.54 on February 13, 2025 [6]. Group 3: Financial Performance and Future Outlook - Everus projected revenue for 2025 in the range of 3.1 billion and EBITDA between 225 million, citing changes in the composition of its backlog [6]. - The company indicated that the average project size has been increasing, leading to a longer backlog conversion cycle [6].
INVESTOR ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Everus