WAYNE, Pa., Oct. 31, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of Texas on behalf of investors who purchased or otherwise acquired the securities of Willbros Group Inc. ("Willbros" or the "Company") (NYSE: WG) during the period from August 4, 2013 through October 21, 2014 (the "Class Period").
Willbros shareholders may, no later than December 29, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Willbros 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 at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/wg.
The complaint alleges that the Company made materially false and/or misleading statements and/or failed to disclose material adverse facts regarding the Company's business, operations, and prospects.
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 are a member of the class, you may, no later than December 29, 2014, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
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.
SOURCE Ryan & Maniskas, LLP