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."

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')."

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."

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."

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."

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."

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."

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."

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."

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."

The Commission ordered that: "the Proposed Plan is approved, and the approved Plan of Distribution shall be posted simultaneously with this Order on the Commission's website at www.sec.gov."

The Commission stated: "The Division of Enforcement submitted this plan of distribution (the “Plan”) . . . . As described more specifically below, 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”)."