PRLog - April 10, 2012 - SAN DIEGO -- An investor in NYSE:WFT shares filed a lawsuit in the U.S. District Court for the Southern District of New York against Weatherford International Ltd. over alleged Violations of Federal Securities Laws in connection with certain statements.
If you purchased shares of Weatherford International Ltd. (NYSE:WFT) between March 2, 2011 and February 21, 2012, you have certain options and there are strict and short deadlines running. Deadline: May 22, 2012. NYSE:WFT stockholders should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons who purchased Weatherford International, Ltd. (NYSE: WFT) common stock between March 2, 2011 and February 21, 2012, that Weatherford International, Ltd. and certain of its officers and directors violated the Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Weatherford International Ltd. reported that is annual Revenue rose from $8.83billion in 2009 to $12.99billion in 2011 and that its Net Income of $124million in 2009, respectively its Net loss of $152million for 2010, increased in 2011 to a Net Income of $262million.
Specifically the plaintiff claims that defendants allegedly knew or recklessly failed to inform investors that Weatherford International Ltd. did not properly restate its financial statements from 2007 to 2010, that Weatherford International Ltd. hastily issued its 2010 Form 10-K to give the market the impression that it remedied its material weakness in internal controls over financial reporting of income taxes from 2007 to 2010; and that Weatherford International Ltd. failed to properly document an additional $225 million in adjustments for financial statements from 2007 to 2010.
On February 21, 2012, Weatherford International Ltd disclosed that it was going to adjust approximately $225 million to $250 million to previously reported financial results for the years 2010 and prior in relation to the correction of errors identified with respect to the Company's accounting for income taxes.
Shares of Weatherford International Ltd. (NYSE:WFT) rose from as low as $8.98 in December ’08 to over $25 in early 2011, but fell in the second half of 2011 to as low as $12.21.
On March 23, 2012 NYSE:WFT shares closed at $16.63 per share.
Those who purchased shares of Weatherford International Ltd. (NYSE:WFT) between March 2, 2011 and February 21, 2012, have certain options and there are strict and short deadlines running. Deadline: May 22, 2012. NYSE:WFT stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
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