An investigation on behalf of investors in Weatherford International Ltd. (NYSE:WFT) over possible reaches of fiduciary duty and other federal and state laws by certain officers and directors of Weatherford International Ltd. was announced.
If you are a current investor in Weatherford International Ltd. (NYSE:WFT) shares, you have certain options and you should contact the Shareholders Foundation, Inc. by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
Weatherford International Ltd., located in Zug, Switzerland, is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Weatherford International Ltd. Reported in 2007 Total Revenue of $7.82306billion, in 2008 $9.60065billion, and in 2009 $8.82693billion. Accoding to the investigation by a law firm the investigation on behalf of WFT investors focuses on the investigation of Weatherford International Ltd. by the U.S. Department of Commerce, the Bureau of Industry & Security, the Office of Foreign Assets Control, the Department of Justice and the U.S. Securities and Exchange Commission (SEC) for various possible violations. Weatherford Intl Ltd. disclosed the investigations through filings with the SEC. The current ongoing investigations include: Weatherford's participation in the oil-for-food program in Iraq, allegations of "improper sales of products and services" by Weatherford and its subsidiaries in "certain sanctioned countries," and possible violations of the Foreign Corrupt Practices Act. In the 2009 annual report filed with the SEC, Weatherford International announced costs that included $106 million for legal and professional fees, $56 million in connection with their exit from certain sanctioned countries in 2008, and $45 million and $47 million in 2008 and 2009 respectively, in connection with the on-going investigations, so the investigation. Weatherford also stated that the "agencies likely will seek to impose penalties...for past conduct." Shares of Weatherford International Ltd. (WFT) traded recently at $13.69 per share. WFT shares are down from its 52weekHigh of $23.75 per share, and over $48 per share in 2008.
Those who are current investors in Weatherford International Ltd. (Public, NYSE:WFT) shares, have certain options and should contact the Shareholders Foundation, Inc. by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
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