Kendall Law Group, a national securities firm led by a former federal judge and a former U.S. Attorney, plans to file a derivative suit for breaches of fiduciary duty and other federal and state laws by certain officers and directors of Weatherford International Ltd. (NYSE: WFT). Weatherford International Ltd. (Weatherford) is currently under investigation by the U.S. Department of Commerce, the Bureau of Industry & Security, the Office of Foreign Assets Control, the Department of Justice and the Securities and Exchange Commission (SEC) for various possible violations. Shareholders familiar with the investigation or who may have suffered a loss as a result are encouraged to contact the Kendall Law Group at 877-744-3728 or by email at email@example.com.
Weatherford is under investigation for its participation in the oil-for-food program in Iraq, allegations of “improper sales of products and services” by Weatherford and its subsidiaries in “certain sanctioned countries,” and possible violations of the Foreign Corrupt Practices Act. In the 2009 annual report filed with the SEC, Weatherford revealed costs that included $106 million for legal and professional fees, $56 million in connection with their exit from certain sanctioned countries in 2008, and $45 million and $47 million in 2008 and 2009 respectively, in connection with the on-going investigations. Weatherford has also revealed that internal investigations “have uncovered potential violations of U.S. law in connection with activities in West Africa.”
Kendall Law Group has the credentials and experience to pursue any type of complex securities litigation in the nation. The firm represents shareholders nationwide when publicly traded companies violate the law. Shareholders are urged to contact attorney Scott Kendall for more information.