SAN DIEGO, Dec. 2, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Willbros Group Inc (WG) over alleged Federal Securities Laws Violations by Willbros Group.
If you purchased a significant amount of shares of Willbros Group Inc (NYSE:WG) between August 4, 2014 and October 21, 2014, AND/OR if you purchased any NYSE:WG shares prior to August 2014 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: December 29, 2014. Willbros Group investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that Defendants made certain false and/or misleading statements and/or failed to disclose the truth regarding the Company's financial condition.
On October 22, 2014, Willbros Group Inc announced that it intended 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.
Shares of Willbros Group Inc (NYSE:WG) declined from as high as $13.50 per share in June to as low as $4.08 per share on December 1, 2014.
Those who purchased shares of Willbros Group Inc (NYSE:WG) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.