secwatch.observer — SEC 8-K summary
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Issuer:     Fortrea Holdings Inc. (FTRE)
CIK:        0001965040
Form:       8-K
Filed at:   2026-07-29T10:36:49+00:00
Accession:  0001628280-26-050368
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Fortrea CFO placed on leave after court order; Q2 revenue $678M, raises FY guidance
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- CFO Jason Knoblauch placed on paid leave after Delaware court grants TRO in lawsuit by prior employer alleging restrictive covenant violations.
- Board member David Smith (ex-Charles River CFO) appointed Interim CFO; receives $60k/month salary and up to $900k in RSUs.
- Q2 revenue $678.2M (down 4.5% YoY); GAAP net loss $(13.2)M, adjusted EPS $0.23.
- Adjusted EBITDA $58.7M (up from $54.9M); book-to-bill 1.06x, backlog $7.8B.
- Full-year 2026 guidance raised: revenue $2,620M-$2,690M, adjusted EBITDA $205M-$220M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1965040/000162828026050368/0001628280-26-050368-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1965040/000162828026050368/ftre-20260727.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-050368

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer