The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Weatherford International plc (OTCMKTS: WFTIQ) who purchased Weatherford securites (i) during the period from October 26, 2016 through May 10, 2019, inclusive; and/or (ii) pursuant or traceable to Weatherford’s secondary offering of common stock that closed on or about November 21, 2016. The action, which was filed in the United States District Court for the Southern District of Texas, alleges that the Company violated federal securities laws.
In particular, the Weatherford lawsuit alleges that during the Class Period, certain individuals in Weatherford’s management, certain of its directors, and an underwriter made materially false and misleading statements and omitted material adverse facts concerning Weatherford’s “recovery” and “transformation plan” and, relatedly, the Company’s ability to manage its debt and avoid bankruptcy. As a result of these misstatements and/or omissions, Weatherford’s securities traded at artificially inflated prices during the Class Period.
Shareholders have until November 5, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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