SOURCE: Izard Nobel LLP

March 15, 2011 15:46 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Weatherford International, Ltd.

WEST HARTFORD, CT--(Marketwire - March 15, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Weatherford International, Ltd. ("Weatherford" or the "Company") (NYSE: WFT) between April 25, 2007 and March 1, 2011, inclusive (the "Class Period"). 

The Complaint charges Weatherford and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following: (i) that Weatherford improperly accounted for income taxes relating to intercompany amounts and foreign tax assets; (ii) as a result, the Company's financial results were materially misstated during the Class Period; (iii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) Weatherford lacked adequate internal and financial controls.

On March 1, 2011, Weatherford delayed its annual report and said that it will have to restate previous financial statements from 2007 through 2010 by about $500 million because of an "error in determining the tax consequences of intercompany amounts over multiple years." In response to the announcement, Weatherford shares fell 10% to $21.14 per share.

If you are a member of the class, you may, no later than May 9, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/weatherford/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

Contact Information