LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of Willbros Group, Inc. (“Willbros” or the “Company”) (NYSE:WG) that purchasers of Willbros securities between August 4, 2014 and October 21, 2014, inclusive (the “Class Period”), have until December 29, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Southern District of Texas.
Willbros operates as an energy infrastructure contractor serving the oil, gas, refinery, petrochemical and power industries worldwide. The Complaint alleges that throughout the Class Period the Company made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and prospects. On October 21, 2014, the Company announced that it would restate second quarter 2014 results after identifying approximately $22 to $24 million in losses caused by the deterioration of a “significant pipeline construction project.” The Company further stated that “this 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.” The Company also stated that its Audit Committee is evaluating the sufficiency of the Company’s internal controls. As a result of this news, Willbros stock dropped $2.56 per share, or more than 33%, to close at $5.09 per share on August 13, 2014, on heavy volume.
If you are a member of the Class described above, you may move the Court no later than December 29, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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