LOS ANGELES, March 14, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Weatherford International Ltd. ("Weatherford" or the "Company") (NYSE:WFT) between April 25, 2007 and March 1, 2011, inclusive (the "Class Period"), have 56 days until the May 9, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Dobina v. Weatherford International Ltd., et al., No. 11-cv-01646-DLC, has been assigned to the Honorable Denise L. Cote, United States District Judge for the Southern District of New York.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Weatherford provides equipment and services to independent oil and natural gas producing companies worldwide for the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Complaint alleges that the Company and certain of its executive officers knew or recklessly disregarded that their Class Period statements concerning Weatherford's business, operations and prospects were materially false and misleading. Specifically, the Complaint alleges that the defendants misrepresented or failed to disclose that: (1) the Company improperly accounted for income taxes relating to intercompany amounts and foreign tax assets; (2) as a result, the Company's financial results were materially misstated during the Class Period; (3) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and (4), the Company lacked adequate internal and financial controls.
On March 1, 2011, Weatherford announced its intention to restate its previously issued financial results for the years ended December 31, 2007, 2008 and 2009 and quarterly periods ended March 31, June 30 and September 30, 2010, to reduce its previously reported net income by an estimated $500 million comprising $460 million in errors related to intercompany amounts and $40 million related to foreign tax assets. On this news, Weatherford shares declined $2.38 per share, to close on March 2, 2011, at $21.14 per share.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Weatherford securities between April 25, 2007 and March 1, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the May 9, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Weatherford shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.