Defendant Name: Weatherford International plc

Defendant Type: Public Company
SIC Code: 1381
CUSIP: G4883310

Initial Case Details

Legal Case Name In the Matter of Weatherford International plc, F/K/A Weatherford International Ltd., James Hudgins, CPA, and and Darryl Kitay, CPA
First Document Date 27-Sep-2016
Initial Filing Format Administrative Action
File Number 3-17582
Allegation Type Issuer Reporting and Disclosure
AAER 3806

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5
Rule 12b-20
Sec 13(a)
Rule 13a-1
Rule 13a-11
Rule 13a-13
Sec 13(b)(2)(A)
Sec 13(b)(2)(B)
Securities Act
Sec 17(a) (Not specified)
Additionally, James Hudgins is alleged to have caused Weatherford International plc's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Rule 12b-20 of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Rule 12b-20 of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Sec 13(a) of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Sec 13(a) of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Rule 13a-1 of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Rule 13a-1 of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Rule 13a-11 of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Rule 13a-11 of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Rule 13a-13 of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Rule 13a-13 of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Sec 13(b)(2)(A) of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Sec 13(b)(2)(A) of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Sec 13(b)(2)(B) of the Exchange Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Sec 13(b)(2)(B) of the Exchange Act.
James Hudgins is alleged to have caused Weatherford International plc's violation of Sec 17(a) (Not specified) of the Securities Act.
Darryl Kitay is alleged to have caused Weatherford International plc's violation of Sec 17(a) (Not specified) of the Securities Act.

Resolutions

First Resolution Date 27-Sep-2016
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

2016-194 27-Sep-2016 Press Release--Administrative Proceeding
Oil Services Company Paying $140 Million Penalty for Accounting Fraud
On September 27, 2016, the SEC announced that Weatherford International plc "has agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting."
33-10221 27-Sep-2016 Administrative Proceeding
Order Instituting Public Administrative And Cease-And-Desist Proceedings Pursuant To Section 8a Of The Securities Act Of 1933, Sections 4c And 21c Of The Securities Exchange Act Of 1934, And Rule 102(E) Of The Commission's Rules Of Practice, Making Findings, And Imposing Remedial Sanctions And A Cease-And-Desist Order
On September 27, 2016, the SEC filed a settled administrative proceeding against Weatherford International plc. According to the SEC: "Between 2007 and 2012, Weatherford, a large multinational provider of oil and natural gas equipment and services, issued false financial statements that inflated its earnings by over $900 million in violation of U.S. Generally Accepted Accounting Principles ('GAAP')."
34-82121 20-Nov-2017 Administrative Proceeding
Extension Order
According to the SEC: "The Division of Enforcement ("Division") has requested an extension of time until August 24, 2018 to submit a Proposed Plan of Distribution under Rule 1101(a) of the Commission's Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. § 201.1101(a) ... IT IS HEREBY ORDERED that the Division's request for an extension of time until August 24, 2018 to submit a Proposed Plan of Distribution is granted."
34-82185_3-17582 30-Nov-2017 Administrative Proceeding
Order Consolidating Fair Funds
According to the SEC: "The Division of Enforcement recommends that the Fair Funds created pursuant to the Orders be consolidated into a single Fair Fund for the purposes of distributing the funds for the benefit of the investors harmed by the conduct described in the Orders. Accordingly, IT IS HEREBY ORDERED that the assets of the Fair Funds created pursuant to the Orders, and any interest accrued on those assets, are consolidated into a single Fair Fund for distribution to harmed investors."
34-83766 02-Aug-2018 Administrative Proceeding
Order Appointing Tax Administrator
The Commission stated that: "IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the [Qualified Settlement Fund] in the above-referenced proceeding."
34-89333 16-Jul-2020 Administrative Proceeding
Order Appointing Fund Administrator and Setting Bond Amount
The Commission stated: "IT IS HEREBY ORDERED that Epiq is appointed as the fund administrator . . . and shall obtain a bond in accordance with Rule 1105(c) of the Commission's Rules in the amount of $152,204,174.00."
34-96340 17-Nov-2022 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid in the above-captioned matters."
34-96340-pdp 17-Nov-2022 Administrative Proceeding
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this proposed plan of distribution (the “Plan”) . . . the Plan provides for the distribution of funds collected in the above-captioned matters to compensate investors harmed by securities violations of Weatherford International PLC, f/k/a Weatherford International LTD. (“Weatherford”), James Hudgins, CPA, and Darryl Kitay, CPA (collectively, the “Weatherford Respondents”),1 as well as Ernst & Young LLP (“E&Y”), Craig R. Fronckiewicz, CPA, and Sarah E. Adams, CPA (collectively, the “E&Y Respondents” and together with the Weatherford Respondents, the “Respondents”)2 as described in the Orders."
34-96687 18-Jan-2023 Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The Commission ordered that: "for good cause shown, the time for entering an order approving or disapproving the Plan is extended to June 30, 2023."
34-97818 29-Jun-2023 Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The Commission ordered that: "for good cause shown, the time for entering an order approving or disapproving the Plan is extended to September 29, 2023."
34-98569 27-Sep-2023 Administrative Proceeding
Order Extending Time to Enter an Order Approving or Disapproving Plan of Distribution
The Commission ordered that: "the time for entering an order approving or disapproving the Plan is extended to November 30, 2023."
34-100154 15-May-2024 Administrative Proceeding
Order Approving Plan of Distribution
The Commission stated: "between 2007 and 2012, Weatherford, a large multinational provider of oil and natural gas equipment and services, issued false financial statements that inflated its earnings by over $900 million in violation of Generally Accepted Accounting Principles ("GAAP")."
34-100154-dp 15-May-2024 Administrative Proceeding
Plan of Distribution
The Commission stated: "[T]he Plan provides for the distribution of funds collected in the above-captioned matters to compensate investors harmed by securities violations of Weatherford International PLC, f/k/a Weatherford International LTD. ("Weatherford"), James Hudgins, CPA, and Darryl Kitay, CPA (collectively, the "Weatherford Respondents")[.]"

Other Defendants in Action:

Related Actions:

In the Matter of Ernst & Young LLP, Craig R. Fronckiewicz, CPA, and Sarah E. Adams, CPA