Willbros Group Inc (NYSE: WG) Investor Securities Class Action Lawsuit 10/28/2014

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Company Name(s): 
Willbros Group
Case Name: 
Willbros Group Shareholder Class Action Lawsuit 10/28/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: WG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/28/2014
Class Period Begin: 
02/28/2014
Class Period End: 
03/17/2015
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
12/29/2014
Date Settled: 
04/18/2018
Settlement Amount: 
$10,000,000
Deadline to Participate in Settlement: 
09/06/2018
Summary: 

April 18, 2018 - The court preliminarily approved the settlement.

April 13, 2018 - Parties filed a stipulation of settlement.

May 24, 2016 - The court granted in part and denied in part defendants' motion to dismiss.

July 27, 2015 - Defendants filed a motion to dismiss.

June 15, 2015 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Willbros Group Inc (NYSE: WG) common shares between February 28, 2014 and March 17, 2015. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 28, 2014 and March 17, 2015.

March 31, 2015 - The lead plaintiffs filed an amended consolidated complaint.

January 30, 2015 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

December 29, 2014 - Lead plaintiff motions were filed.

October 28, 2014 - An investor in shares of Willbros Group Inc (NYSE: WG) filed a lawsuit in the U.S. District Court for the Southern District of Texas against Willbros Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 4, 2014 and October 21, 2014.

Willbros Group Inc reported that its annual Total Revenue rose from over $1.37 billion in 2011 to over 42.01 billion in 2013 and that its respective Net Loss declined from $294.02 million to $15.87 million.

Shares of Willbros Group Inc (NYSE: WG) rose from $3.24 per share in March 2012 to as high as $13.50 per share in June 2014.

Then on October 22, 2014, Willbros Group Inc announced that it intends to restate its financial statements for the second quarter of 2014, and that their financial statements should no longer be relied upon. Willbros Group Inc said that it identified approximately $22.0 to $24.0 million in deterioration of a significant pipeline construction project in the Company's Northeast regional business within the Oil & Gas segment and that the 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. Willbros Group Inc also said that it elected a new CEO and restructured its management team.

Willbros Group Inc revealed that the intended restatement stems from an error in the estimation process of a significant pipeline construction project and its correction will result in the reversal of approximately $8.0 million in recognized pre-tax income and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at completion. On this news, shares of Willbros fell sharply during intraday trading on October 22, 2014, damaging investors.

Shares of Willbros Group Inc (NYSE: WG) declined to as low as $4.82 per share on October 22, 2014.