Kirby McInerney LLP Urges Investors in Everus Construction Group, Inc. (ECG) to Inquire About Their Rights in Class Action Lawsuit
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Everus Construction Group, Inc. ('Everus' or the 'Company') (NYSE:ECG) securities during the period from October 31, 2024, through February 11, 2025 ('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 on or about October 31, 2024. Investors have until June 3, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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 October 31, 2024, the Company's stock began trading on the NYSE in connection with the spinoff.
On February 11, 2025, a little over 3 months after the spinoff, 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, because 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, the price of Everus shares declined by $12.43 per share, or approximately 18%, from $68.42 per share on February 11, 2025, to close at $55.99 on February 12, 2025.
If you purchased or otherwise acquired Everus securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you.
[CONTACT FORM]
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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