Block & Leviton LLP Informs Investors of a Class Action Lawsuit Brought Against Willbros Group, Inc. Alleging Violations of the Federal Securities Laws

BOSTON, Nov. 3, 2014 /PRNewswire/ -- Block & Leviton LLP informs investors that a class action lawsuit has been filed against Willbros Group, Inc. ("Willbros" or the "Company") (NYSE:  WG), alleging that Willbros misled investors by, among other things, providing incorrect calculations of pre-tax income and losses in filings with the United States Securities and Exchange Commission.  The litigation is pending in the United States District Court for the Southern District of Texas and is brought on behalf of investors who purchased or otherwise acquired Willbros securities between August 4, 2014, and October 21, 2014.  The class period may expand, as the Company has announced that the investigation into its financial statements is ongoing.

On October 22, 2014, Willbros announced that it intends to restate its financial statements for the second quarter of 2014, informing investors that its previously issued report should no longer be relied upon.  The Company revealed that the intended restatement stems from errors in the estimation of a significant pipeline construction project and its correction would result in the reversal of approximately $8.0 million of pre-tax income and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses.  Disclosure of these errors caused the price of Willbros stock to drop by 36% in the first day that the news was disseminated to the public, causing a market capitalization loss of approximately $140 million.

If you wish to serve as a lead plaintiff, you must move the Court no later than December 29, 2014.  As a member of the class, you may file a motion to serve as a lead plaintiff or take no action and you will remain an absent class member.  If you have questions about your legal rights, would like a copy of the complaint or have information relevant to this lawsuit, please contact attorney Steven Harte of Block & Leviton LLP, www.blockesq.com, at (617) 398-5600 or at [email protected].  Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.

This notice may constitute attorney advertising. 

Contact:         
BLOCK & LEVITON LLP
Steven Harte
(617) 398-5600
[email protected]

SOURCE Block & Leviton LLP

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