Core Viewpoint - A federal securities class action has been filed on behalf of investors in Everus Construction Group, Inc. due to undisclosed issues regarding the company's backlog conversion cycle and revenue recognition delays [1][5]. Company Overview - Everus Construction Group, Inc. was formerly known as MDU Construction Services Group, Inc. and operated as a wholly owned subsidiary of CEHI, LLC, which is a subsidiary of MDU Resources [3]. - The company's stock began trading on the NYSE following its spinoff on October 31, 2024 [3]. Financial Performance - On February 11, 2025, Everus reported its fourth quarter and full year 2024 financial results, projecting revenue between $3.0 billion and $3.1 billion and EBITDA between $210 million and $225 million for 2025 [4]. - The company indicated that its backlog conversion would be extended due to larger and more complex projects, which would affect revenue recognition [4]. Stock Market Reaction - Following the financial results announcement, Everus shares fell by $12.43, approximately 18%, from $68.42 to $55.99 per share [4]. Legal Action - The class action complaint alleges that the company failed to disclose critical information regarding the elongation of its backlog conversion cycle and the resulting delays in revenue recognition during the class period [5].