Weatherford International reaches securities class action settlement with shareholders

A law office recently noted that a proposed settlement in a securities class action lawsuit was reached and is currently pending in court.

Law firm Kessler Topaz Meltzer and Check, LLP, announced that Weatherford International, ltd., reached a securities class action settlement and it is pending in the U.S. District Court for the Southern District of New York. This includes all shareholders who acquired interests in the company during the class period between April 25, 2007 and March 1, 2011.

The settlement, if approved, would give shareholders approximately $52.4 million in cash, and further determination on this matter will occur in the aforementioned court on July 8, 2014. These issues will include whether the amount paid to shareholders is fair, as well as if the allocation plan is right for all parties, among other issues.

For shareholders who are looking to take part in the settlement, it is necessary to receive and fill out a number of documents. This includes the notice of pendency of class action and proposed settlement, reimbursement of litigation expenses and settlement fairness hearing and motion for attorneys' fees. The claim form needs to be filled out and mailed by Aug. 19, 2014. Those shareholders who do not fill out these documents will not be able to take part in the settlement, but will still be held to the decision.

It is also important for shareholders who do not want to be a part of the class to file the proper paperwork by June 8, 2014. This will remove any ability to collect.

For any shareholders who are interested in learning more about this lawsuit, speaking with the lead counsel is best. Eli Greenstein, Jennifer Joost and Stacey Kaplan of the law office are available by telephone or email. There is also further information available on the law office's website.

Lawsuit filed in 2012
Law office Brodsky and Smith, LLC, announced in April 2012 that it had filed a lawsuit against Weatherford International. This alleged that the company violated the Securities Exchange Act of 1934. Specifically, the suit claimed the company's financial statements from 2007 to 2010 were misstated.

This had an error of approximately $225 million that the company did not report. The firm explained that it was going to make these adjustments in order to rectify the problem, which made its stock fall.