San Diego, CA -- (SBWIRE) -- 05/15/2012 -- A deadline is coming up on May 22, 2012 in the lawsuit filed for investors in NYSE:WFT shares over alleged securities laws violations by Weatherford International Ltd. in connection with certain financial statements.
Investors with a substantial investment in NYSE:WFT shares between March 2, 2011 and February 21, 2012, should get active before the Deadline that is coming up on May 22, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Weatherford International Ltd. (NYSE:WFT) common stock between March 2, 2011 and February 21, 2012, that Weatherford International, Ltd. and certain of its officers and directors violated the Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the plaintiff claims that defendants allegedly knew or recklessly failed to inform investors that Weatherford International Ltd. did not properly restate its financial statements from 2007 to 2010, that Weatherford International Ltd. hastily issued its 2010 Form 10-K to give the market the impression that it remedied its material weakness in internal controls over financial reporting of income taxes from 2007 to 2010; and that Weatherford International Ltd. failed to properly document an additional $225 million in adjustments for financial statements from 2007 to 2010.
On February 21, 2012, Weatherford International Ltd disclosed that it was going to adjust approximately $225 million to $250 million to previously reported financial results for the years 2010 and prior in relation to the correction of errors identified with respect to the Company's accounting for income taxes.
Shares of Weatherford International Ltd. (NYSE:WFT) fell from as high as $18.20 on February 9, 2012 to $13.36 per share on April 16, 2012.
NYSE:WFT shares closed on May 14, 2012 at $12.82 per share.
Those who purchased shares of Weatherford International Ltd. (NYSE:WFT) have certain options and there are strict and contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego