An investigation on behalf of current long term investors in Willbros Group Inc (NYSE:WG shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:WG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (ReleaseWire) -- 03/25/2015 -- An investigation on behalf of current long-term investors in shares of Willbros Group Inc (NYSE:WG concerning potential breaches of fiduciary duties by certain directors and officers of Willbros Group Inc was announced.
Investors who purchased shares of Willbros Group Inc (NYSE:WG) in July 2014 or earlier and currently hold any of those NYSE:WG have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:WG stocks follows a lawsuit filed recently against Willbros Group Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:WG stocks, concerns whether certain Willbros Group officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that the defendants violated Federal Securities Laws.
On October 22, 2014, Willbros Group Inc announced that it intends to restate its financial statements for the second quarter of 2014, and that their financial statements should no longer be relied upon. Willbros Group Inc said that it 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 and that the 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. Willbros Group Inc also said that it elected a new CEO and restructured its management team.
The Company revealed that the intended restatement stems from an error in the estimation process of a significant pipeline construction project and its correction will result in the reversal of approximately $8.0 million in recognized pre-tax income and the recognition of approximately $14.0 to $16.0 million in estimated pre-tax losses at completion. On this news, shares of Willbros fell sharply during intraday trading on October 22, 2014, damaging investors.
On March 17, 2015 Willbros Group, Inc. (NYSE: WG) announced that it is filing a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission("SEC") with regard to its Annual Report on Form 10-K for the year ended December 31, 2014. Willbros Group Inc said that it has determined that it is unable to file its Form 10-K for the year ended December 31, 2014 within the prescribed time period without unreasonable effort or expense for the following reasons. Willbros Group Inc said it does not expect to be in compliance with its Maximum Leverage Ratio and Minimum Interest Coverage Ratio for the period fromMarch 31, 2015 through March 31, 2016 and that as a result, Willbros Group Inc is in discussions with its lenders regarding amendments and waivers to its credit agreements. Willbros Group Inc said that without a definitive waiver or amendment, all indebtedness under its credit agreements would become due in the next twelve months. Willbros Group Inc said that if the debt under the Company's credit agreements becomes accelerated and the lenders demand repayment, it is expected that Willbros Group Inc will not have sufficient forecasted liquidity to retire its existing debt obligations, which raises substantial doubt on the Company's ability to continue as a going concern.
Shares of Willbros Group Inc (NYSE:WG) declined to as low as $1.50 per share on March 18, 2015.
On March 23, 2015, NYSE:WG shares closed at $2.99 per share.
Those who purchased shares of Willbros Group Inc (NYSE:WG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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