Case Page

 

Case Status:    ONGOING    
On or around 01/05/2016 (Ongoing date of last review)

Filing Date: October 28, 2014

According to the law firm press release, the lawsuit alleges Willbros issued materially false financial statements during the for the second quarter ended June 30, 2014. On October 22, 2014, Willbros announced that it intends to restate its financial statements for the second quarter of 2014, which should no longer be relied upon. The Company revealed that the intended restatement stems from an error in the estimation process of a significant pipeline construction project and its correction would result in the reversal of approximately $8.0 million in recognized pre-tax income and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at completion. The suit claims that these adverse facts caused the price of Willbros stock to drop by over 35% on October 22, 2014, damaging investors.

On January 30, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. An amended complaint was filed on June 15.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: United States

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 #: 14-CV-03084
JUDGE: Hon. Keith P Ellison
DATE FILED: 10/28/2014
CLASS PERIOD START: 08/04/2014
CLASS PERIOD END: 10/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Payne Mitchell Law Group, LLP
    2911 Turtle Creek Blvd., Suite 1400, Payne Mitchell Law Group, LLP, TX 75219
    214-252-1888 214-252-1889 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 14-CV-03084
JUDGE: Hon. Keith P Ellison
DATE FILED: 06/15/2015
CLASS PERIOD START: 02/28/2014
CLASS PERIOD END: 03/17/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Edison, McDowell & Hetherington LLP

    ·
  2. Robbins Geller Rudman & Dowd LLP (New SF Office)
    One Montgomery Street, Suite 1800, Robbins Geller Rudman & Dowd LLP (New SF Office), CA 94104
    (415) 288-4545 (415) 288-4534 ·
  3. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date