NEW YORK, Oct. 28, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that it has filed a class action lawsuit on behalf of purchasers of Willbros Group, Inc. common stock (NYSE:WG) between August 4, 2014 and October 21, 2014. The lawsuit seeks to recover damages for Willbros investors under the federal securities laws.
To join the Willbros class action, go to the website at http://www.rosenlegal.com/cases-408.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Southern District of Texas.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Willbros issued materially false financial statements for the second quarter ended June 30, 2014. On October 22, 2014, Willbros announced that it intends to restate its financial statements for the second quarter of 2014, which should no longer be relied upon. The Company revealed that the intended restatement stems from an error in the estimation of a significant pipeline construction project and its correction would 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. Disclosure of these adverse facts caused the price of Willbros stock to drop by over 35% on October 22, 2014, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2014. If you wish to join the litigation go to http://www.rosenlegal.com/cases-408.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.