NEW YORK, March 23, 2012 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, Case No. 12 Civ. 2121, on behalf of all persons who purchased Weatherford International, Ltd. ("Weatherford" or the "Company") (NYSE: WFT) common stock between March 2, 2011 and February 21, 2012 inclusive (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.
Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who bought Weatherford stock between March 2, 2011 and February 21, 2012, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you wish to obtain information concerning joining this action, you can do so under the "Join Lawsuit" section of our website or by clicking here: http://faruqilaw.com/WFT
If you purchased Weatherford stock during the Class Period, you may, not later than May 22, 2012, move the court to serve as lead plaintiff of the class, if you so choose. In order to discuss this action, or if you have any questions concerning this notice or your rights or interests, please contact:
Faruqi & Faruqi, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 ATTN: Richard Gonnello, Esq. or Francis P. McConville, Esq. [email protected] or [email protected] Toll Free: (877) 247-4292 Phone: (212) 983-9330
Attorney Advertising. (C) 2012 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.