A lawsuit was filed on behalf of investors in Willbros Group Inc (NYSE:WG) shares over alleged securities laws violations. Deadline: December 29, 2014. NYSE:WG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com

San Diego, CA -- (SBWire) -- 11/03/2014 --An investor, who purchased shares of Willbros Group Inc (NYSE:WG), filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Willbros Group Inc in connection with certain allegedly false and misleading statements made between August 4, 2014 and October 21, 2014.

Investors who purchased shares of Willbros Group Inc (NYSE:WG) have certain options and for certain investors are short and strict deadlines running. Deadline: December 29, 2014. NYSE:WG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Willbros Group Inc (NYSE:WG) common shares between August 4, 2014 and October 21, 2014, that the defendants violated Federal Securities Laws.

Willbros Group Inc reported that its annual Total Revenue rose from over $1.37 billion in 2011 to over 42.01 billion in 2013 and that its respective Net Loss declined from $294.02 million to $15.87 million.

Shares of Willbros Group Inc (NYSE:WG) rsoe from $3.24 per share in March 2012 to as high as $13.50 per share in June 2014.

Then on October 22, 2014, Willbros Group Inc announced that it intends to restate its financial statements for the second quarter of 2014, and that their financial statements should no longer be relied upon. Willbros Group Inc said that it identified approximately $22.0 to $24.0 million in deterioration of a significant pipeline construction project in the Company's Northeast regional business within the Oil & Gas segment and that the deterioration consists of the reversal of approximately $8.0 million in pre-tax income previously recognized and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at project completion. Willbros Group Inc also said that it elected a new CEO and restructured its management team.

The Company revealed that the intended restatement stems from an error in the estimation process of a significant pipeline construction project and its correction will result in the reversal of approximately $8.0 million in recognized pre-tax income and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at completion. On this news, shares of Willbros fell sharply during intraday trading on October 22, 2014, damaging investors.

Shares of Willbros Group Inc (NYSE:WG) declined to as low as $4.82 per share on October 22, 2014.

Those who purchased shares of Willbros Group Inc (NYSE:WG) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com