NEW YORK, Oct. 29, 2014 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, announces the filing of a class action lawsuit against Willbros Group Inc. ("Willbros" or the "Company") (NYSE:WG) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, Houston Division, and docketed under 14-cv-03084, is on behalf of a class consisting of all persons or entities who purchased Willbros securities between August 4, 2014 and October 21, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose the truth regarding the Company's financial condition.
Specifically, on October 21, 2014, after the market close, Willbros announced that its second quarter financial results should no longer be relied upon by investors and had to be restated—requiring the Company to reverse $8 million in pre-tax income and record approximately $14-$16 million in estimated pre-tax losses at completion.
On this news, Willbros shares fell $2.75 per share to $4.90 per share, or more than 35%, on October 22, 2014.
If you are a shareholder of Willbros and purchased your shares after August 3, 2014, and would like additional information as to how you may be eligible to recover your losses, please call us at no cost at:
Tripp Levy PLLC
New York, New York
Toll free: 800-511-7037
International: 602-241-2841
Email: contact@tripplevy.com
www.tripplevy.com
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the "50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff Firms in America." Attorney advertising. Prior results do not indicate a similar outcome.