PORTLAND, Ore., June 24,
2024 /PRNewswire/ --
UNITED STATES OF
AMERICA
Before the
SECURITIES AND
EXCHANGE COMMISSION
ADMINISTRATIVE PROCEEDING
File Nos. 3-17582 &
3-17628
In the Matter of Weatherford International PLC, f/k/a
Weatherford International LTD., James
Hudgins, CPA, and Darryl
Kitay, CPA, Respondents.
In the Matter of Ernst & Young LLP, Craig R. Fronckiewicz, CPA, and Sarah E. Adams, CPA, Respondents.
TO: Individuals and entities, or their lawful successors, who
purchased and/or acquired shares of Weatherford common stock
("Eligible Security") between February 25,
2009 and November 12, 2012,
inclusive (the "Relevant Period").
The Commission's Orders arose out of substantially similar facts
and occurred during substantially the same time period as the
violations alleged in two related Class Actions:
In re Weatherford Int'l Sec.
Litig., 11 Civ. 1646 (LAK) (JCF) (S.D.N.Y. Oct. 28, 2013) and Freedman v. Weatherford Int'l, No. 12 Civ. 2121, 2013 WL
5299137 (S.D.N.Y. Sept. 20, 2013)
(the "Class Actions").
If you filed an approved claim in one or both of the Class
Actions, you are automatically deemed a Claimant, but only with
respect to the transactions that were approved in the Class
Action(s) (the "Approved Transactions"). You do not need to submit
another Proof of Claim to participate in the Fair Fund, unless you
wish to amend your claim to include additional transactions or to
provide new information or documents to cure any deficiencies
determined in the Class Action(s) that were not cured. Additional
transactional documentation may be requested.
If you filed a claim in one or both of the Class Actions and
such claim was determined to be deficient and you failed to cure
such deficiencies, you do not need to submit another Proof of Claim
Form to participate in the Fair Fund as to your Deficient
Transactions, unless you wish to amend your claim. You must,
however, provide the required information and/or documentation to
cure the deficiencies identified in connection with your Class
Action claim in order to be eligible to receive a distribution from
the Fair Fund for those Deficient Transactions. Additional
transactional documentation may be requested.
If you purchased or acquired shares of the Eligible Security
during the Relevant Period and did not file a claim in one or both
of the Class Actions, you may be entitled to a recovery from the
Fair Fund. You must submit a Proof of Claim Form to the address
identified with the necessary documentation so that it is received
by September 26,
2024 (the "Claims Bar Date") to be eligible to
recover from the Weatherford SEC Fair Fund ("Fair Fund").
Copies of the Plan, Plan Notices, and the Proof of Claim Form
are available on the Weatherford Fair Fund website at
www.WeatherfordSECFairFund.com.
To qualify for a payment from the Weatherford Fair Fund, you
must satisfy certain eligibility criteria that are described in
detail in the Plan. The Plan is available on the Fair Fund website
at www.WeatherfordSECFairFund.com and on the Commission's
public website at http:/www.sec.gov/litigation/fairfundlist.htm.
You can also request a copy of the Plan by calling the Fund
Administrator at 1-800-581-1152 or by emailing
info@WeatherfordSECFairFund.com. The eligibility criteria include
the following:
- You must have purchased Weatherford common stock between
February 25, 2009, and November 12, 2012.
- Your approved transactions must calculate to a Recognized Loss
as calculated under the Plan and your Distribution Payment must
equal or exceed $10.00.
- You are not identified as an Excluded Party as defined in the
Plan.
THE DEADLINE TO SUBMIT A CLAIM FORM ELECTRONICALLY OR BY MAIL AT
THE ADDRESS BELOW IS SEPTEMBER 26,
2024. PLEASE NOTE: THIS IS A "POSTMARKED" DEADLINE.
PLEASE CHECK THE WEBSITE FREQUENTLY FOR UPDATES.
Weatherford Fair Fund
Fund Administrator
P.O. Box 10574
Dublin, OH 43017
URL: www.WeatherfordSECFairFund.com
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