Weatherford International plc (OTC: WFTIQ) Investor Securities Class Action Lawsuit 09/06/2019

If you purchased a significant amount of shares of Weatherford International plc (OTC: WFTIQ) between October 26, 2016 and May 10, 2019, and / or if you purchased any OTC: WFTIQ shares prior to October 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: November 5, 2019. OTC: WFTIQ investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Weatherford International
Case Name: 
Weatherford International Shareholder Class Action Lawsuit 09/06/2019
Case Status: 
Lawsuit Filed
Affected Securities
OTC: WFTIQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/06/2019
Class Period Begin: 
10/26/2016
Class Period End: 
05/10/2019
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
11/05/2019
Summary: 

An investor in shares of Weatherford International plc (OTC: WFTIQ) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Weatherford International plc in connection with certain allegedly false and misleading statements made between October 26, 2016 and May 10, 2019.

Switzerland based Weatherford International plc, an oilfield service company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. Weatherford International plc, an oilfield service company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. Weatherford International plc reported that its annual Total Revenue rose from over $5.69 billion in 2017 to over $5.74 billion in 2018 and that its Net Loss declined from $2.831 billion in 2017 to $2.811 billion in 2018.

Then on May 10, 2019, Weatherford International plc announced it expected to file for Chapter 11 bankruptcy protection.

Shares of Weatherford International plc (OTC: WFTIQ) closed on September 6, 2019 at $0.198 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Weatherford International plc (OTC: WFTIQ) common shares between October 26, 2016 and May 10, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 26, 2016 and May 10, 2019, the Defendants made materially false and misleading statements and omitted material adverse facts concerning Weatherford’s “recovery” and “transformation plan” and, relatedly, the Company’s ability to manage its debt and avoid bankruptcy. As a result of the Defendants’ false and misleading statements and omissions, Weatherford’s securities traded at artificially inflated prices between October 26, 2016 and May 10, 2019.