Halliburton Reaches $100M Securities Class Action Settlement

Santa Clara, CA: A $100 million settlement has been reached between Halliburton Co. and its investors in a securities class action lawsuit that alleged the company’s accounting of asbestos liability on construction projects was false.

Further, the plaintiffs, who were Halliburton shareholders, claim that between 1999 and 2001 the company falsified earnings reports, played down estimated asbestos liability and overstated the benefits of a merger. They further claimed Halliburton stock dropped 42 percent on the day those statements were shown to be false.

The settlement will end a 14-year-old securities lawsuit against the Houston-based company. According to a statement, Halliburton will pay about $54 million of the settlement and its insurer will cover the balance.

The case is Erica P. John Fund Inc. v. Halliburton Co., 02-cv-01152, U.S. District Court, Northern District of Texas (Dallas).
 

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Published on Dec-28-16