Fraud allegations expand against Babcock & Wilcox

Fraud allegations expand against Babcock & Wilcox

An amended shareholder complaint against Charlotte-based Babcock & Wilcox Enterprises expands allegations that company executives misled investors about impending losses on major projects. The new complaint accuses CEO Jim Ferland and CFO Jenny Apker of hiding severe problems in B&W’s waste-to-energy projects while the company racked up almost $260 million in losses. B&W’s stock has lost more than 80% of its value, falling to $3.79 per share at Tuesday’s closing from its initial opening at $22.05 in June 2015.

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