SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Willbros Group, Inc. - WG
NEW YORK, Oct. 22, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Willbros Group, Inc. ("Willbros" or the "Company") (NYQ: WG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Willbros and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 21, 2014, the Company issued a press release announcing its intention to restate its unaudited condensed consolidated financial statements for the quarterly period ended June 30, 2014 and pre-announcing its expected operating results for the nine month period ended September 30, 2014.
According to the Company, the financial restatement is "in connection with a review of the Company's northeast regional business within the Oil & Gas segment, the Company identified an error in the estimation process of a significant pipeline construction project. The correction of the error would result in the reversal of approximately $8.0 million in pre-tax income recognized in the quarterly period ended June 30, 2014 and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at completion. The Company's review of this matter is ongoing and therefore these amounts are subject to change."
On this news, shares of Willbros declined $2.75 per share, or more than 35.95%, to $4.80 per share on intraday trading on October 22, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-willbros-group-inc--wg-332299333.html
SOURCE Pomerantz LLP
Share this article