SOURCE: Catanzarite Law Corporation

March 11, 2011 22:00 ET

Orange County Based Catanzarite Law Corporation Files Securities Class Action Against Weatherford International, Ltd. -- WFT

ANAHEIM, CA--(Marketwire - March 11, 2011) - Catanzarite Law Corporation today announced it has filed a class action lawsuit on behalf of all purchasers of Weatherford International, Ltd. ("Weatherford" or the "Company") (NYSE: WFT) common stock during the period from April 25, 2007 through March 1, 2011, inclusive (the "Class Period"). The lawsuit alleges violations of the federal securities laws and seeks to recover losses for Weatherford shareholders.

To join the Weatherford class action, call Ken Catanzarite, Esq. or Jenifer De Vera at 714-520-5544 or email kcatanzarite@catanzarite.com or jdevera@catanzarite.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

The complaint, pending in the U.S. District Court for the Central District of California, charges Weatherford and certain of its officers and directors violated the federal securities laws by overstating earnings by an estimated $400 million to $600 million for the period from 2007 through 2010, and also because of the related deficiencies in internal controls, the market price of Weatherford stock was artificially inflated. Had the negative information been disclosed, the market price of Weatherford stock would have been much lower. Absent the failure to disclose this negative information, plaintiffs would not have purchased Weatherford stock or warrants or they would have purchased Weatherford stock and warrants at a much lower price. The Complaint alleges that Plaintiffs paid an artificially inflated price for the Weatherford shares and warrants because defendants omitted to state material facts necessary to make the public statements made by defendants not misleading.

Plaintiff seeks to recover damages on behalf of all purchasers of Weatherford common stock during the Class Period.

A class action lawsuit has already been filed on behalf of Weatherford shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than May 10, 2011. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Ken Catanzarite, Esq. or Jenifer De Vera of Catanzarite Law Corporation at 714-520-5544or via e-mail at kcatanzarite@catanzarite.com or jdevera@catanzarite.com.

The Catanzarite Law Corporation is an Orange County based law firm representing investors across the nation in shareholder and securities litigation.

Contact Information

  • Contact:

    Ken Catanzarite, Esq. or Jenifer de Vera
    Catanzarite Law Corporation
    Tel: 714-520-5544
    2331 West Lincoln Avenue
    Anaheim, CA 92801