News & Media
Securities Class Action Filed on Behalf of Persons and Entities That Purchased or Otherwise Acquired Securities of Weatherford International plc During the Period from October 26, 2016 through May 10, 2019, Inclusive
September 18, 2019
Entwistle & Cappucci LLP (“Entwistle & Cappucci”) announced it has filed a securities action on behalf of a class (“Class”) consisting of persons and entities that purchased or otherwise acquired securities of Weatherford International plc (“Weatherford” or the “Company”) (i) during the period from October 26, 2016 through May 10, 2019, inclusive (the “Class Period”), and/or (ii) pursuant or traceable to Weatherford’s secondary offering of common stock that closed on or about November 21, 2016. The case was filed in the United States District Court for the Southern District of Texas (the “Court”), Case No. 4:19-cv-03363, against certain of Weatherford’s former and current senior executives and directors, as well as J.P. Morgan Securities LLC (collectively, “Defendants”).
The class action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11 and 15 of the Securities Act of 1993. The complaint alleges that, during the Class Period, the Defendants 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 the Defendants’ false and misleading statements and omissions, Weatherford’s securities traded at artificially inflated prices during the Class Period. Such inflation was partially removed when it was revealed that Weatherford planned to file for Chapter 11 bankruptcy protection. The complaint seeks an award of damages, and interest thereon, to the plaintiff and other Class members.
If you wish to serve as a lead plaintiff in this matter, you must file a motion with the Court no later than November 5, 2019. Any member of the proposed Class may move the Court to serve as a lead plaintiff in this matter through counsel of their choice, or they may choose to do nothing and remain a member of the Class.
If you wish to read the PSLRA Notice, please click here.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact: Andrew J. Entwistle, Esq. of Entwistle & Cappucci at (512) 710-5960 or via e-mail at aent[email protected]; or Joshua K. Porter, Esq. of Entwistle & Cappucci at (212) 894-7200 or via e-mail at [email protected]