BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of a class (the “Class”) comprising purchasers of the securities of Willbros Group, Inc. (“Willbros” or the “Company”) (NYSE:WG) between August 4, 2014 and October 21, 2014, inclusive (the “Class Period”). Investors who purchased Willbros securities during the Class Period and wish to serve as a lead plaintiff in the class action must move the Court no later than December 29, 2014.
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 over 33%, to close at $5.09 per share on August 13, 2014, on heavy volume.”
If you purchased Willbros securities during the Class Period, you may move the Court no later than December 29, 2014, to serve as lead plaintiff, if you 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.