Weatherford Pays $140M SEC Fine Over False Tax Accounting
By Carmen Germaine (September 27, 2016, 10:40 AM EDT) -- Oil field services giant Weatherford International PLC has agreed to pay a $140 million fine to settle U.S. Securities and Exchange Commission charges it inflated its earnings by more than $900 million over five years by using deceptive income tax accounting, the SEC announced Tuesday.
Weatherford paid the fine without admitting or denying the SEC's allegations that it fraudulently lowered its year-end provision for income taxes by as much as $154 million on financial statements released in 2007 through 2011 in order to meet its previously disclosed effective tax rate, which Weatherford had touted as a competitive advantage.
The fraudulent accounting...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!