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Weatherford International plc (OTC: WFTIQ) Investor Securities Class Action Lawsuit 09/06/2019

  • If you purchased shares of Weatherford International plc (OTC: WFTIQ), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Weatherford International Ltd.
Security
OTC: WFTIQ

Case Name
Weatherford International Shareholder Class Action Lawsuit 09/06/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 14, 2021 - The court granted the defendants' motion to dismiss.

May 18, 2020 - A motion to dismiss the consolidated complaint was filed.

March 16, 2020 - A consolidated complaint was filed.

September 6, 2020 - An investor in shares of Weatherford International plc (OTC: WFTIQ) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Weatherford International plc in connection with certain allegedly false and misleading statements made between October 26, 2016 and May 10, 2019.

Switzerland based Weatherford International plc, an oilfield service company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. Weatherford International plc, an oilfield service company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. Weatherford International plc reported that its annual Total Revenue rose from over $5.69 billion in 2017 to over $5.74 billion in 2018 and that its Net Loss declined from $2.831 billion in 2017 to $2.811 billion in 2018.

Then, on May 10, 2019, Weatherford International plc announced it expected to file for Chapter 11 bankruptcy protection. Shares of Weatherford International plc (OTC: WFTIQ) closed on September 6, 2019 at $0.198 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Weatherford International plc (OTC: WFTIQ) common shares between October 26, 2016 and May 10, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 26, 2016 and May 10, 2019, the Defendants made materially false and misleading statements and omitted material adverse facts concerning Weatherford’s “recovery” and “transformation plan” and, relatedly, the Company’s ability to manage its debt and avoid bankruptcy. As a result of the Defendants’ false and misleading statements and omissions, Weatherford’s securities traded at artificially inflated prices between October 26, 2016 and May 10, 2019.