Faruqi & Faruqi, LLP Files Class Action Lawsuit Against Weatherford International Ltd.

Faruqi & Faruqi, LLP announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, Case No. 12 Civ. 2121, on behalf of all persons who purchased Weatherford International Ltd. common stock between March 2, 2011 and February 21, 2012 inclusive (the Class Period). The complaint alleges that defendants knew or recklessly failed to inform investors that (1) the Company did not properly restate its financial statements from 2007 to 2010; (2) the Company hastily issued its 2010 Form 10-K to give the market the impression that it remedied its material weakness in internal controls over financial reporting of income taxes from 2007 to 2010; and (3) the Company failed to properly document an additional $225 million in adjustments for financial statements from 2007 to 2010. On February 21, 2012, the Company disclosed for the first time that it was going to adjust approximately $225 million to $250 million to previously reported financial results for the years 2010 and prior in relation to the correction of errors identified with respect to the Company's accounting for income taxes. This news caused Weatherford stock to drop approximately 13% by the close of the business day. Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who bought Weatherford stock between March 2, 2011 and February 21, 2012, excluding defendants and their affiliates.