BALA CYNWYD, Pa., April 9, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential violations of the Securities Exchange Act of 1934 by Weatherford International, Ltd. ("Weatherford" or the "Company") (NYSE: WFT).
A class action lawsuit commenced in the United States District Court for the Southern District of New York alleges that during the Class Period the Company did not properly restate its financial statements from 2007 to 2010; had not adequately remediated a material weakness in its internal controls over financial reporting of income taxes from 2007 to 2010; and failed to properly record and/or report a $225 million in adjustments for financial statements from 2007 to 2010. According to the complaint, the Company announced 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 from income taxes. As a result, the value of Weatherford shares declined significantly.
If you purchased shares of Weatherford stock between March 11, 2011 and February 21, 2012 and wish to discuss the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, visiting http://brodsky-smith.com/405-wft-weatherford-international-ltd.html, or by calling toll free 877-LEGAL-90. If you choose to retain counsel, you may retain Brodsky & Smith, LLC without financial obligation to you, or you may retain other counsel of your choice.