SAN DIEGO & HOUSTON, Oct. 31, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Willbros Group, Inc. (NYSE:WG) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of Texas, Houston Division. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 14, 2014 and October 21, 2014. Willbros is an energy infrastructure contractor serving the oil, gas, refinery, petrochemical, and power industries worldwide.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/willbros-group-inc
Willbros Is Accused of Improperly Accounting for a Significant Pipeline Project
According to the complaint, shares of Willbros fell 35% to close at $4.90 per share on October 21, 2014, following an announcement by the company that its second quarter 2014 financial results would be restated and should not be relied upon by investors. Specifically, the complaint alleges that Willbros reversed $8 million in previously recognized pre-tax income and recorded approximately $14 to $16 million in estimated pre-tax losses. The reversal is related to $22 to $24 million in the asset value loss of a significant pipeline construction project within the company's Oil & Gas Segment.
The complaint further alleges that Willbros made false and/or misleading statements and failed to disclose material adverse facts about the company's business, operations, and prospects, and/or failed to disclose the truth regarding the company's financial condition.
Willbros Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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