NEW YORK, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP announces the filing of a class action lawsuit against Willbros Group Inc. ("Willbros" or the "Company") (NYSE:WG) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, Houston Division, and docketed under 14-cv-03084, is on behalf of a class consisting of all persons or entities who purchased Willbros securities between August 4, 2014 and October 21, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Willbros securities during the Class Period, you have until December 29, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Willbros operates an infrastructure contractor serving oil, gas, refinery, petrochemical, and power industries worldwide.
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. Specifically, Defendants made false and/or misleading statements and/or failed to disclose the truth regarding the Company's financial condition.
Specifically, on October 21, 2014, after the market close, Willbros announced that its second quarter financial results should no longer be relied upon by investors and had to be restated—requiring the Company to reverse $8 million in pre-tax income and record approximately $14-$16 million in estimated pre-tax losses at completion.
On this news, Willbros shares fell $2.75 per share to $4.90 per share, or more than 35%, on October 22, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.