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Article: Washington Group International Files Fraud Lawsuit Against Raytheon Co.; Company To Cease Activities on Two RE&C Contracts With Negative Cash Flow of $380 Million.
- Article from:
- Business Wire
- Article date:
- March 8, 2001
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Business Editors
BOISE, Idaho--(BUSINESS WIRE)--March 8, 2001
Washington Group International (NYSE:WNG) today announced that it has filed suit against Raytheon Co. and Raytheon Engineers & Constructors International Inc. (RECI), alleging fraud and seeking rescission and, alternatively, unspecified damages for breach of contract in the company's July 2000 acquisition of Raytheon Engineers & Constructors (RE&C).
The complaint alleges, "Washington (Group) has learned that significant and material misrepresentations were made to it in the course of the negotiations of that contract and that material information was deliberately withheld. Washington ...