Willbros Group Shareholder Alert: National Securities Law Firm Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Willbros Group, Inc. to Contact Law Firm
October 22, 2014
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating claims on behalf of investors of Willbros Group, Inc. (NYSE: WG) (“Willbros” or the “Company”). On October 22, 2014, Willbros announced that it intends to restate its second quarter 2014 financial results, and that such results should no longer be relied upon.
Willbros stated that it had 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. 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. In addition, Willbros is evaluating any impact on its prior conclusions of the adequacy of internal control over financial reporting and disclosure controls and procedures.
This restatement follows the announcement that the Company’s CEO, Robert R. Harl, and President, Earl Collins, had resigned. As a result of the announcement of the restatement, the Company’s stock has fallen over 32 percent in intraday trading or $2.46 per share to $5.19 per share.
If you have suffered a loss in excess of $100,000 from your investment in Willbros common stock and purchased your shares within the past 6 months, and would like to learn more about this investigation and your ability to potentially recover your losses, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome