According to the Complaint, Weatherford International plc 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. Defendants filed a Motion to Dismiss the consolidated Complaint on May 18. On May 14, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on June 11.

On January 5, 2024, the Court of Appeals affirmed the District Court's Dismissal Order.