BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors that 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”), have until December 29, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit. The lawsuit 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, Willbros announced that it would restate its second quarter 2014 financial results after identifying approximately $22 to $24 million in losses caused by the deterioration of a “significant pipeline construction project.” The Company further disclosed 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’s Audit Committee is evaluating the sufficiency of Willbros’ internal controls. As a result of this news, Willbros stock dropped more than 33%, or $2.56 per share, 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, 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.