Summary of Investigation
Hynes, Keller & Hernandez, LLC Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Willbros Group Inc. (WG) To Contact The Firm
Hynes Keller & Hernandez, LLC, a shareholder rights litigation firm has commenced an investigation into Willbros Group Inc. (“Willbros” or the “Company”) relating to potential violations of federal securities laws.
Willbros operates as an energy infrastructure contractor serving the oil, gas, refinery, petrochemical, and power industries worldwide. The Company provides engineering, procurement, maintenance, facilities development, and operations services to industry and government entities.
On October 22, 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.” As a result of this news, Willbros stock dropped to $4.90 per share on October 22, 2014, or over 35%, on heavy volume.
Hynes Keller & Hernandez, LLC is investigating whether Willbros and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Hynes Keller & Hernandez, LLC is a law firm dedicated to representing individual and institutional investors who have been wronged by corporate transgressions such as breaches of fiduciary duty, mismanagement, corporate waste and insider trading.
If you invested in Willbros common stock or options between August 4, 2014 and October 21, 2014, and would like to discuss your legal rights, please contact attorney Michael Hynes at (610) 994-0292 or by email firstname.lastname@example.org.
Hynes Keller & Hernandez, LLC also encourages anyone with information regarding Willbros’ conduct to contact us.
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