On or around 08/07/2018 (Other)
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. Defendants filed a Motion to Dismiss the amended Complaint on July 27. On May 24, 2016, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On February 20, 2018, the Court issued a Conditional Order of Dismissal.
The Parties entered into a Stipulation of Settlement on April 13. The Settlement was preliminarily approved by the Court on April 18. On August 2, the Court granted final approval of the Settlement and entered Final Judgment.
Company & Securities Information
Defendant: Willsbros Group, Inc.
Industry: Oil Well Services & Equipment
Headquarters: United States
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.
First Identified Complaint
Ray Walters, et al. v. Willsbros Group, Inc., et al.