A securities class action has been filed in the USDC – S.D.N.Y. against Everus Construction Group, Inc.(ECG) (“Everus” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired Everus common stock during between October 31, 2024, and February 11, 2025, both dates 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 on or about October 31, 2024 (the “Spinoff”).
Everus is the parent company of Everus Construction, which provides utility construction services. Everus Construction offers electrical line construction, pipeline construction, inside electrical wiring and cabling, and mechanical services. Everus Construction (formerly known as MDU Construction Services Group, Inc.) operated historically as a wholly owned subsidiary of CEHI, LLC, which is a wholly owned subsidiary of MDU Resources. On November 2, 2023, MDU Resources announced its intent to pursue a tax-free spinoff of Everus Construction from MDU Resources.
The Complaint alleges that the 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, thereby harming investors.
If you purchased Everus common stock during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.