Company Website:
http://www.glancylaw.com
LOS ANGELES -- (Business Wire)
Glancy
Binkow & Goldberg LLP reminds investors of Willbros Group, Inc.
(“Willbros” or the “Company”) (NYSE:WG) that purchasers of Willbros
securities between August 4, 2014 and October 21, 2014, inclusive (the
“Class Period”), have until December 29, 2014, to file a motion to be
appointed as lead plaintiff in the shareholder lawsuit filed in the
United States District Court for the Southern District of Texas.
Willbros operates as an energy infrastructure contractor serving the
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. On
October 21, 2014, the Company announced that it would restate second
quarter 2014 results after identifying approximately $22 to $24 million
in losses caused by the deterioration of a “significant pipeline
construction project.” The Company further stated that “this
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.” The Company also stated that its Audit Committee is
evaluating the sufficiency of the Company’s internal controls. As a
result of this news, Willbros stock dropped $2.56 per share, or more
than 33%, to close at $5.09 per share on August 13, 2014, on heavy
volume.
If you are a member of the Class described above, you may move the Court
no later than December 29, 2014, to serve as lead plaintiff; however,
you must meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel of
your choice or take no action and remain an absent member of the Class.
If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley
Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by
e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email, please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts:
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lesley Portnoy
310-201-9150
888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Binkow & Goldberg LLP
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