Bernstein Liebhard LLP is investigating whether wrongdoing occurred at Weatherford International, Ltd. (“Weatherford” or the “Company”) (NYSE: WFT) between January 1, 2007 and March 2, 2011.
Weatherford shares fell 11% today after the Company said it would have to restate its financial statements and delay its annual report because of accounting problems. Weatherford also said on a conference call that the Middle East turmoil could hurt sales, as 3% of its revenue comes from operations in Egypt, Libya, Tunisia, Bahrain and Yemen. Weatherford’s Libyan operations have been shut down completely.
Weatherford said it expects that it will have to make adjustments to its historical financial statements and its 2010 fourth quarter earnings, “totaling approximately $500 million for the periods from 2007 to 2010.” Most of the problems related to “an error in determining the tax consequences of intercompany amounts over multiple years.”
If you are interested in discussing your rights as a Weatherford shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or
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