Fluor Corp. has agreed to pay $14.5 million to resolve a U.S. Securities and Exchange Commission investigation for alleged “improper accounting” and "overly optimistic" cost and timing estimates in bidding two legacy fixed-price projects that forced the company to restate its 2020 financial results, the agency said on Sept. 6.
The commission said Fluor's reliance on the estimates was problematic when it "subsequently experienced cost
overruns that worsened over time.” The firm “then failed to sufficiently
maintain internal controls" to account for project charges and correctly state company net earnings.