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Case Status:    SETTLED
On or around 01/29/2014 (Date of stipulation and/or agreement of settlement)

Filing Date: March 04, 2011

According to a press release dated March 11, 2011, the complaint, pending in the U.S. District Court for the Central District of California, charges Weatherford and certain of its officers and directors violated the federal securities laws by overstating earnings by an estimated $400 million to $600 million for the period from 2007 through 2010, and also because of the related deficiencies in internal controls, the market price of Weatherford stock was artificially inflated. Had the negative information been disclosed, the market price of Weatherford stock would have been much lower. Absent the failure to disclose this negative information, plaintiffs would not have purchased Weatherford stock or warrants or they would have purchased Weatherford stock and warrants at a much lower price. The Complaint alleges that Plaintiffs paid an artificially inflated price for the Weatherford shares and warrants because defendants omitted to state material facts necessary to make the public statements made by defendants not misleading.

On July 6, 2011, the Court issued an order appointing American Federation of Musicians and Employers’ Pension Fund lead plaintiff and approving Kessler Topaz Meltzer & Check, LLP as lead counsel.

On July 8, 2011, the plaintiff's filed a notice pursuant to Federal Rule of Civil Procedure 41(a)(1) dismissing the case without prejudice.

On August 26, 2011, an amended complaint was filed by the plaintiffs in the Southern District of New York.

On November 7, 2012, in a Memorandum Opinion, the Court denied the motions to dismiss of the CEO and of the company with respect to the plaintiffs’ allegations concerning the alleged misrepresentations of the company’s internal controls. However, the accounting defendant’s motion to dismiss was granted, due to a lack of pleading about the accountant defendants’ state of mind. Finally, the plaintiffs’ motion to supplement the amended complaint was denied.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: WFT
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. New York
DOCKET #: 11-CV-01895
JUDGE: Hon. John F. Walter
DATE FILED: 03/04/2011
CLASS PERIOD START: 04/25/2007
CLASS PERIOD END: 03/01/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Catanzarite Law Corporation
    2331 West Lincoln Avenue, Catanzarite Law Corporation, CA 92801
    714.520.5544 714.520.0680 · info@catanzarite.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-01646
JUDGE: Hon. John F. Walter
DATE FILED: 08/26/2011
CLASS PERIOD START: 04/25/2007
CLASS PERIOD END: 03/01/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (California)
    580 California Street, Suite 1750, Kessler Topaz Meltzer & Check LLP (California), CA 94104
    415.400.3000 415.400.3000 · info@ktmc.com
  2. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
No Document Title Filing Date
No Document Title Filing Date