Kahn Swick & Foti, LLC (“KSF”) and Former Attorney General of Louisiana, Charles C. Foti, Jr. announce the commencement of an investigation into Weatherford International, Ltd. (“Weatherford” or the “Company”) (NYSE: WFT) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
Shares of the Company fell over 10% yesterday, after the Company announced that it would restate its financial statements and delay its annual report because of accounting problems. 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.”
What You May Do
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ( firstname.lastname@example.org), toll free 877-515-1850, or after hours via cell phone, 504-301-7900. KSF also encourages anyone with information regarding Weatherford’ s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.About Kahn Swick & Foti, LLC KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA ( D. N.J.), Co-Lead Counsel, $19.5 Million Settlement ; In re BigBand Networks, Inc Securities Litigation , 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel , $11 million settlement ; In re U.S. Auto Parts Networks, Inc. Securities Litigation , 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP, AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines. To learn more about KSF, you may visit www.ksfcounsel.com.