Weatherford International plc (Nasdaq: WFTIQ)
A class action has been filed in the United States District Court for the Southern District of Texas on behalf of purchasers of Weatherford International plc (Nasdaq: WFTIQ) securities during the period between October 26, 2016 to May 10, 2019, (the “Class Period”).
Weatherford is one of the world’s leading providers of equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. In May 2019, Weatherford announced it was initiating Chapter 11 bankruptcy proceedings. On November 16, 2016, Weatherford filed with the U.S. Securities and Exchange Commission a Preliminary Prospectus Supplement and a Post-Effective Amendment to an Automatic Shelf Registration Statement (the “Offering Documents”) for the issuance of 84.5 million ordinary shares at $5.40 per share. The Equity Offering closed on November 21, 2016, generating gross proceeds of $456 million.
The Weatherford class action lawsuit alleges the Offering Documents were false and materially misleading and omitted material facts about Weatherford’s financial condition in violation of §§11 and 15 of the 1933 Act. In addition, the Weatherford class action lawsuit alleges that during the Class Period, defendants made materially false and misleading statements and/or omitted material adverse facts concerning Weatherford’s purported “recovery” and “transformation plan” and, relatedly, Weatherford’s ability to manage its debt and avoid bankruptcy. As a result of defendants’ false and misleading statements and omissions, Weatherford’s stock traded at artificially inflated prices during the Class Period, reaching highs of more than $6.50 per share. Then, on May 10, 2019, Weatherford announced it had entered into a restructuring plan with its noteholders and would be filing for bankruptcy protection. As a result of this announcement, the price of Weatherford stock fell 85% to close at $0.05 per share on May 13, 2019.
If you are a current shareholder and/or purchased stock during the period between October 26, 2016 to May 10, 2019, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.