Weatherford Misstated $500M In Earnings: Investors

Law360, New York (March 11, 2011, 10:59 PM EST) -- A class of Weatherford International Ltd. shareholders sued the energy equipment company and its executives in New York Friday over tax reporting errors that caused it to restate its earnings to the tune of $500 million.

The company violated the Securities Exchange Act of 1934 by concealing faulty accounting practices that ultimately caused its stock to tank 11 percent, shareholders claimed in a complaint lodged in the U.S. District Court for the Southern District of New York.

The plaintiffs point to a Form 8-K filed by...
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