Willbros Securities Litigation
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Welcome to the Willbros Securities Litigation Website

This website has been established to provide general information related to the proposed settlement of the case referred to as In re Willbros Group, Inc. Securities Litigation, Master File No. 4:14-cv-3084-KPE (the “Action”) and is pending before the Honorable Keith P. Ellison in the United States District Court for the Southern District of Texas (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement (the "Stipulation") dated April 13, 2018, which can be found and downloaded by clicking on the Case Documents tab above.

The Court ordered that the law firm of Robbins Geller Rudman & Dowd LLP represents the Settlement Class Members, including you. These lawyers are called Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

What is this lawsuit about?

The initial complaint in this Action was filed on October 28, 2014. On January 30, 2015, the Court appointed Lead Plaintiffs and Lead and Liaison Counsel. Lead Plaintiffs allege that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, inter alia, issuing false and misleading statements or failing to disclose material adverse facts about the performance of two pipeline projects, the existence and effectiveness of internal controls, the Willbros Group, Inc. ("Willbros")' Q1 and Q2 2014 financials, and the Willbros' liquidity and debt covenant compliance. Lead Plaintiffs further allege that as a result of Defendants’ false and misleading statements and omissions, Willbros’ stock traded at artificially inflated prices during the Settlement Class Period. From the outset of the Action, Defendants have denied all of these allegations and consistently maintained that Lead Plaintiffs cannot prove any element of securities fraud, including, but not limited to, falsity, scienter, and loss causation.

On June 15, 2015, Lead Plaintiffs filed the Second Amended Consolidated Class Action Complaint for Violation of the Federal Securities Laws (the “SAC”) against Defendants. On July 27, 2015, all Defendants moved to dismiss the SAC. Lead Plaintiffs opposed the motion, and the Court heard oral argument on May 24, 2016. The Court thereafter granted in part and denied in part the motion. On June 14, 2016, Defendants filed a motion for reconsideration, which Lead Plaintiffs opposed and the Court denied on September 15, 2016. On June 30, 2017, Lead Plaintiffs filed a Motion for Reconsideration and Leave to Amend. Defendants opposed the motion, and it was pending at the time this Settlement was reached.

The Settling Parties engaged in extensive discovery efforts, resulting in the production and analysis of over one million pages of documents by Defendants, third parties and Lead Plaintiffs, and the depositions of 11 fact witnesses and two experts.

On March 3, 2017, Lead Plaintiffs filed their motion to certify the class, which Defendants opposed. The motion was pending at the time this Settlement was reached.

The Settling Parties met and conferred regarding their discovery disputes. Despite their best efforts, they could not reach agreement on several issues. On October 3, 2017, Lead Plaintiffs filed a motion to compel the production of documents, which was opposed by Defendants. That motion was pending at the time this Settlement was reached.

In an effort to conserve judicial resources and attempt to settle the Action, the parties engaged the services of Robert Meyer, Esq. of JAMS, a nationally recognized mediator. The parties prepared and exchanged detailed mediation statements and engaged in a full-day in-person mediation session with Mr. Meyer on December 5, 2017. Although the parties negotiated in good faith, no agreement was reached and litigation continued. Thereafter, the parties continued discussions with Mr. Meyer, and, on February 16, 2018, each side accepted a mediator’s proposal to settle the Action for $10,000,000, to be paid by Defendants’ insurance carriers for the benefit of the Settlement Class, subject to the negotiation of the terms of a Stipulation and Agreement of Settlement and approval by the Court. The Stipulation (together with the Exhibits thereto) reflects the final and binding agreement between the Settling Parties.

What does the Settlement Provide?

The Settlement provides that, in exchange for the release of the Released Claims (defined in the Notice of Proposed Settlement of Class Action (the "Notice")) and dismissal of the Action, Defendants have agreed to pay (or cause to be paid) $10 million in cash to be distributed after taxes, fees, and expenses, pro rata, to Settlement Class Members who send in or submit a valid Proof of Claim pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail at the end of the Notice.

Additional Information

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.

Your Legal Rights and Options in This Settlement

SUBMIT A PROOF OF CLAIM The only way to be eligible to receive a payment from the Settlement. Proofs of Claim must be postmarked (if mailed) or received (if submitted online) on or before September 6, 2018.
EXCLUDE YOURSELF FROM THE SETTLEMENT BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against any of the Defendants or any other Released Parties about the legal claims being resolved by this Settlement. Exclusions must be postmarked on or before July 12, 2018.
OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION Write to the Court about why you do not like the Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. You will still be a member of the Settlement Class. Objections must be received by the Court and counsel for the Settling Parties on or before July 12, 2018. You may submit a Proof of Claim even if you file an objection.
GO TO THE HEARING ON AUGUST 2, 2018, AND FILE A NOTICE OF INTENTION TO APPEAR Ask to speak in Court about the fairness of the Settlement. Requests to speak must be received by the Court and counsel for the Settling Parties on or before July 12, 2018. If you submit a written objection, you may (but you do not have to) attend the hearing.
DO NOTHING Receive no payment. You will, however, still be a member of the Settlement Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Parties about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Action.