DALLAS, June 15, 2005 (PRIMEZONE) -- The law firm of Baron & Budd, P.C. announces that a class action lawsuit has been filed on behalf of purchasers of Willbros Group, Inc. (NYSE:WG)("Willbros" or the "Company") securities during the period between May 6, 2002 and May 16, 2005, inclusive (the "Class Period").
The complaint alleges that Willbros Group, Inc. has violated federal securities laws by issuing false or misleading information and that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them. Specifically, the complaint alleges: (a) that the Company was violating the Foreign Corrupt Practices Act by bribing foreign officials in order to obtain business in Bolivia, Nigeria, and Ecuador; (b) Willbros filed false tax returns, failed to file required tax returns, and failed to pay certain taxes in locations outside of the United States which materially overstated the Company's financial results and exposed the Company to potential fines and penalties; (c) that the Company was participating in undisclosed related party transactions; (d) that the Company lacked adequate internal controls; and (e) that as a result of the above, the Company's reported financial results were materially overstated at all relevant times and were not prepared in conformity with Generally Accepted Accounting Principles ("GAAP") and were materially false when issued.
After the market closed on May 16, 2005, Willbros announced the results of the Audit Committee's internal investigation into the circumstances behind the Company's tax assessment and other illegal activities, stating that the Company will restate its previously issued financial statements for the fiscal years 2002, 2003, and the first nine months of 2004. The restatement is expected to reduce net income between a range of $7.2 and $9.2 million.
This news shocked the market and the Company's stock plummeted $4.92 per share, more than 30%, from its May 16, 2005 closing price of $15.92 to its close on May 17, 2005 at $11.00.
If you acquired the securities of Willbros Group, Inc. during the Class Period and meet certain legal requirements, you may, no later than July 17, 2005, move for appointment as lead plaintiff on behalf of the proposed class.
If you are a member of this class and would like to take action in this suit, please visit Baron & Budd online at http://www.securitiesactions.com. Information on your legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.
About Baron & Budd, P.C.
Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 70 attorneys and offices in Texas, Illinois, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiff's bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia and lymphoma caused by benzene; injuries caused by other toxic substances and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers in class actions. For more information on the firm, call 1-800-222-2766 or visit www.baronandbudd.com.