NEW YORK, April 26, 2012 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers (the "Class") of Weatherford International, Ltd. ("Weatherford" or the "Company") (NYSE: WFT) common stock between March 2, 2011 and February 21, 2012 (the "Class Period").
Weatherford and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants knew or recklessly failed to inform investors that (1) the Company did not properly restate its financial statements from 2007 to 2010; (2) the Company hastily issued its 2010 Form 10-K to give the market the impression that it remedied its material weakness in internal controls over financial reporting of income taxes from 2007 to 2010; and (3) the Company failed to properly document an additional $225 million in adjustments for financial statements from 2007 to 2010.
On February 21, 2012, the Company disclosed for the first time that it was going to adjust approximately $225 million to $250 million to previously reported financial results for the years 2010 and prior in relation to the correction of errors identified with respect to the Company's accounting for income taxes. This news caused Weatherford stock to drop approximately 13% by the close of the business day.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Weatherford common stock during the Class Period. If you purchased or otherwise acquired Weatherford common stock during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 22, 2012.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Weatherford shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
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SOURCE Bernstein Liebhard LLP