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Case Status:    SETTLED
On or around 02/15/2007 (Date of order of final judgment)

Filing Date: May 18, 2005

According to a press release dated February 21, 2007, Willbros also disclosed that on February 15, 2007, the U.S. District Court for the Southern District of Texas issued an Order approving final settlement of the previously disclosed consolidated securities class action lawsuit. The class action was filed in 2005 and named as defendants (1) the Company, (2) certain of its then-current officers, and (3) a former officer of its international subsidiary. The Order dismissed with prejudice all claims against all defendants. No members of the settlement class exercised their right to be excluded from or object to the final settlement, which was funded by Willbros' insurance carrier. The Court's Order ends the class action litigation.

According to the Notice of Pendency of Proposed Settlement of Class Action dated November 27, 2006, the settlement amount is in the amount of $10,500,000.

In a press release dated August 9, 2006, Willbros has reached an agreement in principle to settle the consolidated securities class action lawsuit filed in 2005 against the Company and certain of its current officers and a former officer of its international subsidiary. Under the terms of the agreement in principle, Willbros and the plaintiffs will negotiate and seek court approval of the definitive settlement. The settlement will be funded by Willbros' insurance carrier, and will include the dismissal of all claims against all defendants.

The complaint charges Willbros Group, Inc. and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that Defendants issued, or caused to be issued, false and misleading statements during the Class Period to artificially inflate the value of Willbros stock. Willbros is the target of numerous governmental investigations, both here in the United States by the Securities & Exchange Commission and Department of Justice, and abroad, because the Company engaged in a campaign of illegal and illicit bribery of foreign government officials in Bolivia, Nigeria and Ecuador to successfully obtain construction projects. As a result of these illegal actions, the Company has delayed filing its Form 10-K for 2004; announced a restatement of its financial results for 2002, 2003 and the first nine months of 2004; instituted a series of modifications to rectify material weaknesses in its internal controls; provided an estimate of its possible exposure for violating the Foreign Corrupt Practices Act ("FCPA") (which could be as much as $650,000 per violation, not including criminal penalties of more than $2 million per violation); and withdrew its 2005 guidance. The Company estimates an astonishing 35% to 44% reduction in previously reported net income when the restatement is completed for the collective period of 2002, 2003 and the first nine months of 2004. This means that the Company overstated net income during that period by an incredible 53% to 80%. In addition, the Company also disclosed a number of previously unreported related party transactions from 2002, 2003 and 2004 that materially impacted financial results. As a result of the above restatement, the Company stands in default of its debt covenants because of its substantial reduction in net income. Because of its violations of FCPA, the Company could be prohibited from bidding for future U.S. government contracts. The Company disclosed this information on May 16, 2005 after the market had closed. The market responded immediately and the stock lost 31% on usually high volume of 6.9 million shares, trading as low as $10.15 per share on May 17, 2005, down $5.77 from its previous close of $15.92.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: Panama

SECURITIES INFORMATION:

Ticker Symbol: WG
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 05-CV-01778
JUDGE: Hon. Keith P. Ellison
DATE FILED: 05/18/2005
CLASS PERIOD START: 05/06/2002
CLASS PERIOD END: 05/16/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Baron & Budd, P.C. (Dallas)
    3102 Oak Lawn Avenue, Suite 1100, Baron & Budd, P.C. (Dallas), TX 75219
    800-946-9646 · info@baronbudd.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  4. Dyer & Shuman, LLP
    801 East 17th Avenue, Dyer & Shuman, LLP, CO 80218-1417
    303.861.3003 800.711.6483 · info@dyershuman.com
  5. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  6. Law Offices of Brian M. Felgoise, P.C.
    Esquire at 261 Old York Road, Suite 423, Law Offices of Brian M. Felgoise, P.C., PA 19046
    215.886.1900 · securitiesfraud@comcast.net
  7. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  8. Milberg Weiss Bershad & Schulman LLP (Boca Raton)
    5355 Town Center Road, Suite 900, Milberg Weiss Bershad & Schulman LLP (Boca Raton), FL 33486
    561.361.5000 561.367.8400 · info@milbergweiss.com
  9. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  10. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  11. Schwartz Junell Campbell & Oathout LLP
    Two Houston Center, 909 Fannin, Suite 2000, Schwartz Junell Campbell & Oathout LLP, TX 77010
    713-752-0017 713-752-0327 · dschwartz@schwartz-junell.com
  12. Smith & Smith LLP
    3070 Bristol Pike, Suite 112, Smith & Smith LLP, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 05-CV-01778
JUDGE: Hon. Keith P. Ellison
DATE FILED: 05/02/2006
CLASS PERIOD START: 05/06/2002
CLASS PERIOD END: 05/16/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  3. Hoeffner & Bilek, LLP
    440 Louisiana - Suite 720, Hoeffner & Bilek, LLP, TX 77002
    713.227.7720 ·
  4. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  5. Schwartz, Junell, Campbell & Oathout, LLP (Houston)
    909 Fannin - Suite 2000, Schwartz, Junell, Campbell & Oathout, LLP (Houston), TX 77010
    713.752.0017 713.752.0327 ·
No Document Title Filing Date
No Document Title Filing Date