LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Scofield v. Everus Construction Group, Inc., et al., Case No. 25-cv-2835, on behalf of persons and entities that purchased or otherwise acquired Everus Construction Group, Inc. (“Everus” or the “Company”) (NYSE: ECG) common stock between October 31, 2024 and February 11, 2025, inclusive (the “Class Period”), including investors who held MDU Resources Group, Inc. (“MDU Resources”) common stock as of October 21, 2024 and acquired Everus common stock issued in connection with the spinoff of Everus Construction (defined below) on or about October 31, 2024 (the “Spinoff”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
IF YOU SUFFERED A LOSS ON YOUR EVERUS INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.
What Happened?
Everus is the parent company of Everus Construction, Inc. (“Everus Construction”).
On February 11, 2025, after the market closed, Everus released its fourth quarter and full year 2024 financial results, revealing that “[g]iven the current mix of [the Company’s] backlog,” its “backlog conversion” would be “extended relative to [the] historical pattern over the coming quarters.” The Company explained its average project size had been getting “larger, more complex and longer.” The Company further revealed that, as a result of this shift in backlog composition, “heading into 2025” the Company “expect[s] revenue in the range of $3.0 billion to $3.1 billion and EBITDA in the range of $210 million to $225 million for the year.”
On this news, Everus’s stock price fell $18.88, or 27.6%, over two consecutive trading days to close at $49.54 on February 13, 2025, on unusually heavy trading volume.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s backlog conversion cycle had become elongated due to larger, more complex projects; (2) as a result, the Company’s revenue recognition would be delayed; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Everus common stock during the Class Period or in connection with the Spinoff, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
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If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email: [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.
