18 Aug 2017
Latest Key Developments (Source: Significant Developments)
Aecom [ACM.N] : Now anticipates first monetization within its Aecom Capital Portfolio to occur in fiscal year 2017 .Expects its fiscal year 2016 adjusted earnings per share will be at low end of guidance range discussed at its august 9, 2016 earnings call. Full Article
AECOM:Tishman Construction Corp has agreed to pay $20.2 million to resolve a U.S. investigation into an alleged fraudulent overbilling scheme involving improper overtime payments to union workers, prosecutors said on Thursday - RTRS.The settlement with Tishman, a unit of Aecom ACM.N and one of the largest construction companies in New York City, will resolve charges that it improperly billed clients on projects including One World Trade Center and the Plaza Hotel. - RTRS.Tishman agreed to resolve charges filed in federal court in Brooklyn, New York, through a deferred prosecution agreement in which it admitted to fraudulently overbilling clients, prosecutors said - RTRS."Through a systemic practice, Tishman Construction bilked its clients by charging them for unworked time and at rates higher than those bargained for by their clients," Brooklyn U.S. Attorney Robert Capers said in a statement. - RTRS.The settlement, reported earlier Thursday by Reuters, follows similar accords with construction companies in recent years over alleged fraudulent billing practices on projects in New York City.- RTRS.Prosecutors said Tishman also allowed labor foremen to be absent from work for sick days, holidays and vacation, while completing time sheets and billing clients as though they worked those days. - RTRS. Full Article
AECOM:Secures Contract to Deliver Volvo Car Group's First U.S. Manufacturing Plant. Full Article
AECOM:Announces the appointment of W. Troy Rudd as executive vice president and chief financial officer, effective Oct. 5. Full Article
* AECOM to acquire Shimmick Construction to expand its civil construction capabilities in the Western U.S.