Weatherford International to Pay $140 Million for Accounting Fraud

From Reuters

Oil services company Weatherford International LLC has agreed to pay a $140 million penalty to settle charges it inflated earnings between 2007 and 2012 by using deceptive income tax accounting, U.S. regulators said on Tuesday.

Shares of Weatherford's Swiss-based parent Weatherford International PLC (WFT.N) were down 5.6 percent at $5.20 in afternoon trading, after the settlement with the Securities and Exchange Commission was announced.

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