Everus Construction Group, Inc. Class Action lawsuit - ECG
Case Summary
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The Everus Construction class action lawsuit seeks to represent purchasers or acquirers of Everus Construction Group, Inc. (NYSE: ECG) common stock between October 31, 2024 and February 11, 2025, inclusive (the “Class Period”), including investors who held MDU Resources Group, Inc. common stock as of October 21, 2024 and acquired Everus Construction common stock issued in connection with the spinoff of Everus Construction on or about October 31, 2024. Captioned Scofield v. Everus Construction Group, Inc., No. 25-cv-02835 (S.D.N.Y.), the Everus Construction class action lawsuit charges Everus Construction and certain of Everus Construction’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Everus Construction class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Everus Construction class action lawsuit must be filed with the court no later than June 3, 2025.
CASE ALLEGATIONS: 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 Group, Inc. According to the complaint, on November 2, 2023, MDU Resources announced its intent to pursue a tax-free spinoff of Everus Construction from MDU Resources, and on October 31, 2024, Everus Construction stock began trading on the New York Stock Exchange.
The Everus Construction class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Everus Construction’s backlog conversion cycle had become elongated due to larger, more complex projects; and (ii) as a result, Everus Construction’s revenue recognition would be delayed.
The Everus Construction class action lawsuit further alleges that on February 11, 2025, Everus Construction announced its fourth quarter and full year 2024 financial results, revealing a backlog of $2.8 billion and further disclosing that “heading into 2025” Everus Construction “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, the price of Everus Construction stock fell nearly 28% over two trading sessions, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Everus Construction common stock during the Class Period, including investors who held MDU Resources common stock as of October 21, 2024 and acquired Everus Construction common stock issued in connection with the spinoff of Everus Construction on or about October 31, 2024, to seek appointment as lead plaintiff in the Everus Construction class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Everus Construction class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Everus Construction class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Everus Construction class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.