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.
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