After Weatherford Intl. disclosed errors in its tax accounting an investigation on behalf of long term investors in Weatherford International Ltd. (NYSE:WFT) over potential breaches of fiduciary duty by certain officers and directors of Weatherford International Ltd. was announced.

The investigation by a law firm concerns whether wrongdoing in connection with its disclosure occurred at Weatherford International, Ltd. (NYSE: WFT) between January 1, 2007 and March 2, 2011.
While Weatherford Intls 12months Total Revenue went from $7.832billion in 2007 to $10.211billion in 2010, its Net Income on the other hand decreased from a substantial $1.091billion in 2007 to $24.51million in 2010.

Weatherford International Ltd. shares (WFT) fell 11% on March 2 after it said it would have to restate its financial statements and delay its annual report because of accounting problems. Weatherford said it expects that it will have to make adjustments to its historical financial statements and its 2010 fourth quarter earnings, totaling approximately $500 million for the periods from 2007 to 2010. Most of the problems related to an error in determining the tax consequences of intercompany amounts over multiple years. Weatherford International Ltd. said it now plans to file that financial statement by March 15., Chief Financial Officer Andrew Becnel said during a conference call Wednesday with investors that the mistakes are an 'embarrassment' that is 'difficult, if not impossible, to quantify.'
In its Tuesday filing, Weatherford International Ltd also said its operations in Tunisia, Egypt, and Libya were disrupted by political revolutions and uprisings in these countries. During 2010, Tunisia, Egypt, Libya, Yemen and Bahrain accounted for approximately 3% of Weatherford's global revenue.

Weatherford International Ltd. is currently also under the investigation by the U.S. Department of Commerce, the Bureau of Industry & Security, the Office of Foreign Assets Control, the Department of Justice and the U.S. Securities and Exchange Commission (SEC) for various possible violations. Weatherford Intl Ltd. disclosed the investigations through filings with the SEC. The current ongoing investigations include: Weatherford's participation in the oil-for-food program in Iraq, allegations of 'improper sales of products and services' by Weatherford and its subsidiaries in 'certain sanctioned countries,' and possible violations of the Foreign Corrupt Practices Act. In the 2009 annual report filed with the SEC, Weatherford International announced costs that included $106 million for legal and professional fees, $56 million in connection with their exit from certain sanctioned countries in 2008, and $45 million and $47 million in 2008 and 2009 respectively, in connection with the on-going investigations, so the investigation. Weatherford also stated that the 'agencies likely will seek to impose penalties...for past conduct.'

Shares of Weatherford International Ltd. (WFT) traded recently at $20.59 per share. WFT shares are down from its 52weekHigh of $26.25 per share and over $48 per share in 2008.