WAYNE, Pa., Oct. 23, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Willbros Group Inc. ("Willbros" or the "Company") (NYSE: WG).
Willbros shareholders who purchased Willbros shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at [email protected] to learn more about this investigation or visit: www.rmclasslaw.com/cases/wg.
On October 21, 2014, the Company announced that it would restate second quarter 2014 results after identifying approximately $22 to $24 million in losses caused by the deterioration of a "significant pipeline construction project." The Company further stated that, "this deterioration consists of the reversal of approximately $8.0 million in pre-tax income previously recognized and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at project completion." The Company also stated that its Audit Committee is evaluating the sufficiency of the Company's internal controls. As a result of this news, Willbros stock dropped $2.56 per share, or over 33%, to close at $5.09 per share on August 13, 2014, on heavy volume.
If you own Willbros shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/wg. You may also email Mr. Maniskas at [email protected]. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
877-316-3218
[email protected]
www.rmclasslaw.com/cases/wg
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SOURCE Ryan & Maniskas, LLP
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