Weatherford International Shares Hit By News Of $140 Million SEC Penalty


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Shares of Weatherford International Plc

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(NYSE: WFT) took a hit Tuesday morning, as did the company's pocketbook. It was announced Tuesday that the oilfield service company would be paying a penalty of $140 million to settle charges from the SEC stemming from allegations that it used deceptive accounting practices to inflate earnings.

Shares of Weatherford were down just over 4 percent at $5.28 in mid-day trading. The stock has been trading near the bottom of its 52-week range, down 54 percent from its one-year high of $11.49.

Weatherford consented to pay the SEC's penalty without admitting or denying the findings that allegedly prove it fraudulently lowered its year-end provision for income taxes each year so that its earnings would better align with its own projections and Wall Street estimates.

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Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.


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