INVESTOR ALERT: Glancy Binkow & Goldberg LLP Announces an Expanded Class Period in the Shareholder Lawsuit against Willbros G...
December 29 2014 - 1:55PM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
Willbros Group, Inc. (“Willbros” or the “Company”) (NYSE:WG), has
filed a class action lawsuit in the United States District Court
for the Southern District of Texas with an expanded Class Period,
including purchasers of Willbros securities between May 5, 2014 and
October 21, 2014, inclusive (the “Class Period”).
Willbros operates as an energy infrastructure contractor serving
the oil, gas, refinery, petrochemical and power industries
worldwide. The Complaint alleges that throughout the Class Period
defendants made false and/or misleading statements and failed to
disclose material adverse facts about the Company's business,
operations and prospects. Specifically, defendants misrepresented
or failed to disclose that: (1) the Company was experiencing
deterioration of a significant pipeline construction project in the
Company’s Northeast regional business within the Oil & Gas
segment; (2) as a result, the Company overstated its income; (3)
the Company’s financial statements were not prepared in accordance
with Generally Accepted Accounting Principles; (4) the Company
lacked adequate internal and financial controls; and (5), as a
result of the foregoing, defendants’ statements were materially
false and misleading at all relevant times.
On October 21, 2014, after the market closed, Willbros revealed
that the Company expected to restate its second quarter fiscal 2014
results, and that such results should no longer be relied upon.
According to the Company, Willbros had identified approximately
$22-$24 million in deterioration of a significant pipeline
construction project in the Company’s Northeast regional business
within the Oil & Gas segment. The Company stated that this
deterioration consisted of the reversal of approximately $8 million
in pre-tax income previously recognized, and the recognition of
approximately $14-$16 million in estimated pre-tax losses at
project completion. The Company further stated that the majority of
these estimated charges should have been recognized in the second
quarter of 2014. As a result of this news, Willbros shares declined
nearly 36%, or $2.75 per share, to close on October 22, 2014, at
$4.90 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move
the Court no later than December 29, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow
& Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, Toll Free at (888) 773-9224, by e-mail
to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
PortnoyCasey Sadler(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com