Weatherford International plc Securities Litigation
On or around 05/18/2020 (Date of last review)
Filing Date: September 06, 2019
According to the Complaint, Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Many of its businesses, including those of its predecessor companies, have been operating for more than 50 years. Weatherford conducts operations in approximately 90 countries.
The Complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and omitted material adverse facts concerning Weatherford’s “recovery” and “transformation plan” and, relatedly, the Company’s ability to manage its debt and avoid bankruptcy. The Complaint further alleges that as a result of the Defendants’ false and misleading statements and omissions, Weatherford’s securities traded at artificially inflated prices during the Class Period. Such inflation was partially removed when it was revealed that Weatherford planned to file for Chapter 11 bankruptcy protection.
On January 15, 2020, the Court issued Orders consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on March 16.
Company & Securities Information
Defendant: Weatherford International plc
Industry: Oil & Gas Operations
Ticker Symbol: N/A
Company Market: New York SE
Market Status: Public (Delisted)
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
GAMCO Asset Management, Inc., et al. v. Weatherford International plc, et al.
COURT: S.D. Texas
DOCKET #: 19-CV-03363
JUDGE: Hon. Lynn N Hughes
DATE FILED: 09/06/2019
CLASS PERIOD START: 10/26/2016
CLASS PERIOD END: 05/10/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Entwistle & Cappucci LLP (Austin)
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
Designation of the Consolidated Cases
Appointment of Lead Plaintiff and Counsel
U.S. District Court Civil Docket
In re Weatherford International plc (2019) Securities Litigation