SOURCE: Brower Piven, A Professional Corporation

March 18, 2011 13:01 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Weatherford International, Ltd. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 9, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 18, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common securities of Weatherford International, Ltd. ("Weatherford" or the "Company") (NYSE: WFT) during the period between April 25, 2007 and March 1, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 9, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company improperly accounted for income taxes relating to intercompany amounts and foreign tax assets and that the Company's financial results were materially misstated during the Class Period. According to the complaint, on March 1, 2011, after Weatherford announced its intention to restate its previously issued financial results for the years ended December 31, 2007, 2008 and 2009 and quarterly periods ended March 31, June 30 and September 30, 2010, to reduce its previously reported net income by an estimated $500 million comprising $460 million in errors related to intercompany amounts and $40 million related to foreign tax assets, the value of Weatherford stock declined significantly.

If you have suffered a net loss for all transactions in Weatherford International, Ltd. securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact