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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of September 6, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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April 18, 2018 - The court preliminarily approved the settlement.
April 13, 2018 - A stipulation of settlement was filed by the parties.
May 24, 2016 - The court granted in part and denied in part defendants' motion to dismiss.
July 27, 2015 - A motion to dismiss the amended consolidated complaint was filed.
June 15, 2015 - An amended consolidated complaint was filed.
October 28, 2014 - An investor in shares of Willbros Group Inc (NYSE: WG) filed a lawsuit in the U.S. District Court for the Southern District of Texas against Willbros Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 4, 2014 and October 21, 2014. Willbros Group Inc reported that its annual Total Revenue rose from over $1.37 billion in 2011 to over 42.01 billion in 2013 and that its respective Net Loss declined from $294.02 million to $15.87 million. Shares of Willbros Group Inc (NYSE: WG) rose from $3.24 per share in March 2012 to as high as $13.50 per share in June 2014.
Then on October 22, 2014, Willbros Group Inc announced that it intends to restate its financial statements for the second quarter of 2014, and that their financial statements should no longer be relied upon. Willbros Group Inc said that it identified approximately $22.0 to $24.0 million in deterioration of a significant pipeline construction project in the Company's Northeast regional business within the Oil & Gas segment and that the deterioration consists of the reversal of approximately $8.0 million in pre-tax income previously recognized and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at project completion. Willbros Group Inc also said that it elected a new CEO and restructured its management team. Willbros Group Inc revealed that the intended restatement stems from an error in the estimation process of a significant pipeline construction project and its correction will result in the reversal of approximately $8.0 million in recognized pre-tax income and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at completion. On this news, shares of Willbros fell sharply during intraday trading on October 22, 2014, damaging investors.
Shares of Willbros Group Inc (NYSE: WG) declined to as low as $4.82 per share on October 22, 2014.