Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the securities of Weatherford International, Ltd. (“Weatherford” or the “Company”) (NYSE: WFT) between March 2, 2011 and February 21, 2012 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/weatherford-international-ltd-wft-2.
Weatherford, headquartered in Geneva, Switzerland, describes itself as one of the “largest providers of products and services that span the drilling, evaluation, completion, production and intervention cycles of oil and natural gas wells.” The Complaint alleges that throughout the Class Period, defendants, inter alia, made materially false and misleading statements concerning the remediation of a material weakness in internal controls over its financial reporting and its restated financial statements for 2007 to 2010. Specifically, the Complaint alleges that defendants knew or recklessly failed to inform investors that Weatherford did not properly restate its financial statements from 2007 to 2010; the had not adequately remediated a material weakness in its internal controls over financial reporting of income taxes from 2007 to 2010; and Weatherford failed to properly record and/or report a $225 million in adjustments for financial statements from 2007 to 2010.
On February 21, 2012, the Company disclosed that it was going to adjust its previously reported financial results for the years 2010 and prior by approximately $225 million to $250 million in connection with its previous correction of errors identified in the Company’s accounting for income taxes. On this disclosure, Weatherford stock dropped approximately 13% on the next trading day, falling from a close of $17.79 per share on February 17, 2012 (the last trading day prior to the disclosure) to a close of $15.36 per share on February 21, 2012 (the first trading day after the disclosure), on very heavy trading volume.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV